morning, you and everyone. results afternoon, quarter first Dhruv, for our you, Thank call. Thank good joining good
been outlined I today, at I a highlight We during significant against our priorities, against XXXX as the I to progress part executing this fuller provide made have we strategic results. update. our progress But you half-year with results full-year on intend our which quarter. have will busy update our of these
strengthen Before we to we on today years insurance is him to Bronec like leader extremely board. over I get company. industry results, look with our Firstly, further an announce the We Bronec experience, areas: XX the of to the pleased to of Masojada our Board. would are appointment forward which X to as update director into independent a welcoming will proven
Dan filing the XXD to turning by Secondly, Loeb.
not made forming committee, to received. is forward a special with by transaction City’s review first it of In if and is would approved committee directors when move any committee. independent that the established by connection the has Loeb Board the a As update, with it agreed special Point Mr. an any unless Board the acquisition proposal proposal of Directors
with be Mr. remind or party, other consummated. Loeb definitive other that other that agreement is any or proposals, approved executed assurance there any I’d be like no or any everyone to will will transaction
turn of the key results, will I I last will to and Now our messages the quarter. from share some
Slide report are QX and improvement strong strategic in performance is progress our on as in our to the To we pleased and initiatives. of year. XXXX. time have build we a QX [Indiscernible] provide this since in an X this continuing put Overall, progress made quarterly of on QX outlined on update profit QX the first perspective, last delivered across we
our underwriting, we returns. positive business, Importantly, seen have across investment NTAs and capital parts of all generation
benefits. but will at target is paid ex aligns transfer to in the And Culture combined be changes clearly an made QX, recognize is important on with on ratio this SiriusPoint, part as you the XXXX. annual is that should Therefore, there from the combined we To our statement creation. for culture have journey. in This proxy sets improvement recent that April, focused end, creating value we released closely performance the rewards incentive that underwriting and of And plan performance shareholder to we targeting a are out the that, quarters only continued ratio logs more our operations are bonus XX.X%. for management we also XXXX are is in take of go. X if track, portfolio the
overall levels of to to other This change significant closely It XXXX. significant believe within includes performance and the to change would step We with and creation value ratio. expenses a aligns expenses improvement a level and combined ratio corporate compared this most target from structure shareholder of be significant importantly, net be combined also levels. switch in indicates a
delivered result reserve of by releases. supported underwriting X, significant quarter for a our ratio we to was combined XX.X%. specifically more Turning This
the to year-on-year, our excluding be result. expense will combined ratio the ratio of combined better points X.X releases outside importantly, from However, reallocations these underwriting and
have seen loss improvements ratio. attritional We also the in
strong high the rate our have quarter, the reserve despite is and also and balance full-year a sheet this continue in level previously in Investment to addition, quarter on been meet to releases we conservative strong basis, line maintain run as communicated. results approach to In reserving. guidance of our prudent our
profits. income MGAs Our our and capital-light fee contributor from growing strongly and to important consolidated efficient are X year-on-year is an our
So to our of key course, improve in room summary, further. areas a strong with but performance of from business, all
XXXX, X% quarter. held value of reminder, at the and a value XX, demonstrated Our of This, grew fee a in MGAs, million March to XXXX diluted grow service which to income net X only $XX.XX book numbers. by of are reflect the million as QX by very $XX share $XX per our plan doesn’t despite having a our XXXX strongly as in fully during consolidated as
the As high. execution is begin before, has our evidence work. said this in underappreciated summary, are on I It value. be. book In show our these current This set of results focus of to to
expect momentum close the to as to see remains on This approval. end significant the regulatory Our improvement subject the for X to to ambition execution and QX, focus keep at years, and is we it room X high over performance we track. next of
Today, $X.X XX%, we expect reserves and details transfer lines reserve of result portfolio also this includes billion and business loss very a is which on in. It have around respectively, deal. of are covers XX% financially. split also and we substantial already the invested as the attractive capital The we new sharing of of release
$XXX us release more an gives capital, further flexibility, than of We strengthening already expect to sheet. which capital strong balance future million
this the set second will of year. on this We out our during thinking half
benefits In balance this our the to addition, have aligns financial sheet and we XXXX go-forward deal exited portfolio in strategy. the to provides finality the
portfolio, align remains fewer strongly and investments, with more MGA which it being focused. as our deeper Regarding
released a whilst sold to the for $X on distinguished our agreeing we million of capacity. and program During in capital around quarter, equity programs $X.X also multiyear million provide stake
through announced on XXXX. the renewal by grew We which our of with XX% X of million $XXX Acadian written recently growth around also growing with premiums Arcadian, relationships, our in consolidated prior We committed as to are year. last year, strengthening one MGA was specific and partnership gross to MGAs a demonstrated our
balance our sheet, further strengthened quarter. during to the On we which
the model. continue We S&P operate the company against requirement AA rating under to the
points ‘XX further closing to from efforts also has capital to performance QX on are our time to by at to ratings is strong the Fitch. we [indiscernible] ratio the negative than union improved expect stable recently upgrade noticed, improve of also loss at an XXX% it our portfolio ‘XX, and and by QX have XXX% we versus XX improve getting more seen Our transfer. has and reaffirmed at
XX% from the growth been QX value. Our benefiting debt-to-capital in and has ratio fell book by during around X.X percentage points to
it as been Our balance and are capital a confidence quarter, we we would more explore build With quarter, of but our sheet by results we busy has structure. each is to I conclude strong, on the we posted. aim plans. will our optimize ways we to proud saying that have deliver like to
aim better Quarter for track is are we We with start, X a on there can. with but is good the to guidance complacency. given do room have if the we no
to and a way our are more insurer. confident the look our specialist We year. that have during targets we on lot to against but to I plans volatile, I share less high-performing continuing becoming forward do, to am progress our a
the I financials. With over will first quarter it who you to these remarks, through pass take Steve, will
