good good Dhruv, and for XXXX results morning, first you, afternoon, call. you everyone. joining Thank our Thank quarter
is voice can are voice. but results, improved performance. The have I has strengthen of XXXX start. delivered further you performance rather so strong off pleased to quarter our a really quality advance, We positive our the strong with say I'm year-over-year As apologize from XXXX I better a underwriting earnings consecutive continued momentum to in to the sheet. action and sixth croaky our that balance our to took is hear, news my great today, results than able be of
stable create our deliver consistent shareholder earnings We are value. ambition to executing that on long-term and
longer-term results and a of becoming ambition insurer/reinsurer. our us this strong to move strategic best-in-class Our closer quarter taken actions
want on recap quarter Before the key key Slide within developments messages our I on relating results, the our four X. messages to sharing to from
executed. balance area transactions highlight in further refinancing that senior would liability in $XXX completed focus we legacy debt instrument successfully BSCR our million by under on. million at XX capital $XXX and our notes, point and sheet already be the approximately recently. models this. of QX rating $XXX to would our further increase I We March, our XXX% management levels will were we stands in $XXX This before will a on equates XXXX we has highlighted quality that net the aimed including of improved capital capital like million. X debt This Firstly, The of exercise QX and all increase of to and transactions agency million These capital announced senior basis. improvement redeeming XXXX were legacy an 'XX the debut regulated a ratio, accretive issuance which and notes at in new late debt strength
have levels been capital stronger. never Our
our repositioning Additionally, optimize of the to group. our another structure part senior financial of our by notes, redemption designed the X.X capital and will of the around These simplify were XX points. leverage transactions, together, and $XXX complete million, reduce
Secondly, and over our material identified communicated, reporting as financial in a Quarter XXXX. we we weakness previously X, internal in controls
as half has now to was XXXX. the this our fully that of I misstatement premiums respect weakness X, say As of to a the during a Quarter pleased material reminder, quarterly of am first been in remediated 'XX.
improving made ahead assigned strengthening new offering. AX from debt ratings progress we our They balance our further us Moody's have strength our in rating, obtained of sheet. and results validating the an we financial Thirdly, have
Fitch. affirmed this Fitch And strength a and Best, As financial from ratings Best S&P, reminder, A.M. stable. ratings strength A.M. we financial and our have as year, S&P
reserves covers the linked approximately the want already transaction exited workers' comp announced yesterday. highlight I million This solely loss transaction year. business at this to X/X to we finally, portfolio we of And $XXX
to poor this was of book, Given the decision our the right uncertainty felt it work. improving specific now we future balance as reduce sheet performance the historical part of
transaction regulatory the quantum into Enstar, approval. which a We our further margin. have improve will to subject is This of reserve with and entered quality
Turning back QX now our to results.
combined We pleased diluted share million very first income quarter with to a strong growth are report value our net of of $XX per X%. core XX.X% for of a and ratio business, book
the performance updated range Importantly, to XX% QX medium-term is ROE within our guidance of XX%.
related ratio like-for-like of quarter, of XXXX. portfolio the supported basis, for ratio improvement XX.X% loss was result an by points, On improvements underwriting to quarter points both combined no no attritional expense X to by The XX.X%. basis, year transfer importantly, down the core announced on an came loss of recorded losses has strong X versus improving with the and ratio was first compared saw the combined ratio loss the to which, loss our Key transaction points combined we Baltimore the million in excluding in ratio the a our accident for of our exposure been with We and from an Beginning around headline X X% bridge. business quarter prior ratio also cat last year have improvement. material year and first improvement $X
year quarter of quarter prior consolidated consecutive our reserving. basis, a the prudent Additionally, this approach of to providing marks development, evidence favorable on strong XXth
last business from important actions are core the for points better and ratio points proof as underwriting year program. drive also performance. are these the cost-saving X.X expense our QX improvements we have versus decreased of realized to underwriting we taking Combined, other benefits Our
the million(sic) by the high-quality spread income quarter X. strong Turning continued to investment strong rate of performance into which optimization work investment result, first team and reflects our be million continues quarter, in the rotation to $XX products. ] [ $XX.X in Net
again, defaults AA. this at quarter. to portfolio Our a with strategy perform operate portfolio average credit fixed and we unchanged, Overall, our remains we continues well. And income to fixed portfolio our across no an income rating investment saw continue
which delivered MGAs, have consolidated and strong results. strategy distribution our to now Turning
two a new us, partner to We with line first MGA to Our should total end are have entered we intention with the an from of the in the underwriting underwriting relationship fruit and partnerships. three new through partners added in we important MGA also new have the taking distribution bear to we building strategy of provider partners. of to capacity This expanded and have and remains a momentum two taken and profits. into quarter paper underwriting quarter, the emerge equity as existing Since onboard as our our continued we the partners year further improve stake. without we the go impact decisions
of off Corvus equity the to first our the at our small in down rationalize closing announced and the This brings XXXX. holdings a at investment. the quarter, first to writing continue end the quarter, previously XX total stakes XX sale We of from beginning of
our million value fully price. fee ], XX%(sic) X% up consolidated point significantly ], share value to $XX performance. performance, [ generating the to on is higher year-on-year. reflected continue prior that service [ Service Despite MGA's and million(sic) were carrying margin X% actual revenues underlying strong economic we in net of than on believe to the up not is year, while XX.X% Moving SiriusPoint's income assets stand-alone the these by X increased $XX.X service of
off is to So in XXXX a start. summary, strong
going. Our aim to is keep that
XX% performance shows targeting track. the the returns term. equity on are of to We are we on improving XX% a QX business, on return in focused medium the
pass you will the will over With these who financials. through it I to take remarks, Steve,
