and everyone. Scott, good afternoon, good morning, you, Thank
financials, to I comments they going and the want year. proud Scott's a to say I I Before begin team through all of that have take echo to Sears am moment this for the Point how achieved
and we do to success. and the results strengthen have earned year-on-year underwriting highlighted for the our by are and financial margin Our strong improvements, have easily positioned hard sheet come made company enhancements not optimize balance long-term
great Starting with our fourth quarter results on Slide XX. Operationally, it was quarter. another
LPT business. previously written investment. $XX were the ratio combined with focused the transaction our of million XX.X% execution. transaction, XX% improved of loss a driven Continuing of for to of The MGA million linked headline enhancement $XXX was net an Our to reshaping core net items the lines write-down These leading our announced increase closure underlying legacy gross include results the the of XX% million result CMIG and and prior or of premiums the income increased to company. the X.X of X versus $XX finalize points initiatives These or efforts to by and year. Enstar,
items investment decrease reflected compensation focused million the transaction in in a of now at the was the expense for company's on ] into associated XXXX, The workers' the warrants. significantly these change ongoing to major operations mark-to-market announced the represent XXXX. fair in future income million CMIG pretax LPT reshaping. driven the earnings quarter. by the $XX $XX We They in estimated impacted the million loss the move previously settlement The purely of company. of outlook exit of the the with merger items associated $XX growth DMGA. The value Combined, [ completion in the with announced corresponds a the final
is basis core quarter our continuing on a portion our XX% in a a driven written impact X% shift business on not line and XX% basis headline in have basis, increased premiums written our line by increased on pace on on first mix the Gross which the business numbers basis. a Refocusing by to Net growing retaining XX% XXXX. with last a Important a underwriting. quarter-on-quarter continuing and at associated to premiums the of gross for continuing will figures volatility we lower premiums line in a this from higher our present note, business in affect exited written the portfolio. quarter of XXXX will starting as faster
was versus for Our prior the quarter X.X versus point a the a year year. to business core This stood X.X core development due headline of million in XX.X% quarter, excluding was improvement Favorable $XX the prior year combined LPT. attritional improvement business at in in $XX ratio losses. for prior million point
favorable million, development. It We we prior includes is of basis year quarter marking prior to consider development consolidated results runoff. favorable have important had this our the XXth on a consolidated business of into year put $XX consecutive as the
a not are coincidence. results Our
We have our great our is quarter in reserve prudent. the was review indicated loss in completed picks are that reserves X and external duration liabilities pleased that our that are insurance confidence our years. of The
of this. record releases exceeds favorable track Our
to Moving losses. catastrophe
For the to slight these to favorable $XX quarter, catastrophe offset Milton, compared we year. the reported of in related related losses prior a Helene. losses Hurricane to X Hurricane of million
fee to deconsolidation Core fee service reduced net of turning net MGA the income. revenues quarter-over-quarter and income Now Arcadia. because service of
As a reminder, quarter. occurred of at second the end this our
is more a year's to to the $XX in in of owned our revenues fourth This increasing resulting increase than increasing fee XXXX, service businesses double of XXXX get This quarter like-for-like fourth in in look amount. deconsolidation, comparison. previous the XX.X% the MGA quarter Cadence XX% from service XXX% a A&H million. XX.X% to income, it Given consolidated service helpful year-on-year the at is margin reveals to with
to fourth down strategic compared results investment the prior million and investment impacting the interest relates the million. of party including This and realized of $X for investments. for in on losses exchange mentioned million. foreign quarter to of transfers year $XX quarter withheld due funds loss the in in, million investment is the All include previously of quarter agreement. selling CMIG Unrealized funds began Net quarter investment expense, anticipation which million down our million of at portfolio $XX MGA as we million review were items the the was total $XX portfolio related $XX income $XX our from to stood $XX gains. Other income
grew X% in the from the in book value as AOCI, quarter's value share deal per CMIG by Excluding by offset loss. quarter the this diluted net accretion book partially was
Turning to XX. XXXX on our full year results Slide
pleased excluding to report core X.X%. combined our AOCI million, diluted $XXX net growth, are value improving our XX% Underlying year-on-year increased XX% $XXX business, to for per a earnings. of ratio income income share million net demonstrating quality and of We book underlying of the of
performance at of one-off end the previously basis XXXX X.X% range XX.X% Importantly, upper on the mentioned. a items the when on I our effect is underlying XX% net to headline our an previously and basis year full guided including of target XX%, ROE at of standing
As income deconsolidation I mentioned of on revenues the the fee previous slide, impacted net service by core and are comparisons Arcadia. MGA
Arcadia longer through is income fee consolidated As other as now no revenue. comes from
of $XX equity. increase a service million, X year to expenses X% XX.X%. where X%. Their points comparison, like-for-like just in we revenues, was driven while net a MGAs XX% For margin by examined income service with compared improving X.X largest the the the increased increased prior own to to service fee service we our This XXX%
increase Bermuda Tax as of rate In Bermuda expect that Corporate XXXX, effective a tax was domiciled companies. XXXX the Income introduced we XX% a rate Our of XX%. result this tax XX% for Act XXXX to to in
tax investment turn, with assets, rate, company's be the and expected translate Despite deferred savings combined accretive tax effective will liquidity tax the in go-forward earnings existing to its loss higher will into cash power, carryforwards including that capital, flow.
trends. premium to Turning
Slide As XX. shown on
lines year. XX% to For XXXX, increased prior continuing compared the premium
business remains XXXX. insignificant performance we in year-end, through expect a on headline to the drag runoff impact While be
We was in included offset premium will Growth XXXX. our specialty contributions This rates continuing specialisms our headline significant double-digit programs expect growth in We to growth similar reductions in XXXX. within Insurance from saw at XXXX and property casualty. strongest rates XXXX and premium Services in that in in segment. grow launched partially were lines by
strategy, fruit. Momentum it build our beginning and continues distribution to bear is to in
side, increased reinsurance the year. On premiums this X%
in international seeing lines. is quarter, casualty property lines. U.S. were specialty We growth XX%. fourth this and XX growth. our continue our growth that Specialty Bermuda property Bermuda view a and shows of where our in In offset detailed to see more driven partially was by reductions Slide The segment portfolio the grew by
property year property catastrophe Our U.S. grew took U.S. advantage into and select reinsurance outside the of within grew we the as hard book catastrophe, lower XX% current this of and business market program
the began property space soften After flat multiyear following the peaks, rates in quarter. rates to at in fourth X/X
We the wildfires some space. expect mitigate effects from the of the reinsurance property in downward California the to pressure
a key & the Accident of to Our portfolio. a an through is Health to of of track nonrenewal in a strategy it great share of and agreement The Premiums a profit the Accident X/X unique specific and with best-in-class by has book one underwriting specialism part team total attributable down maintain offering of have remains this our record. source partners. stable over Health where volatility business premium, a of important cycle portfolio we in driven a X% XXXX, were been is & with our our low business and mix quota
movements Our Health loss book the across employer double-digit lines. of with and unit rate other & seeing generally price across increases positive increases business, rate stop saw single-digit Accident notably
for the Renewable firm, providing power Marine to we single-digit liability increases. rate single-digit while held with energy flat hires, Looking seeing to offerings realized with and premium pricing firm by We've marine growth high bridge beginning low the with in we [ are multiple premium strong now XXXX. held increasing in energy segment, tailwind seeing. Energy this gross pricing is a bolstered and also are Specialty growth key show XX% and rates. rent our rates ] at our positive. accident were generally
and We risk-adjusted ports in cargo, marine increases, and change liability rate are of business. seeing lines terminals specifically
softening Within aviation, and pricing in our was in and experienced pro market. flat business, rata the excess faculties direct while book rate of loss
the we in commercial Within achieving rate a space casualty a many which basis. by trends, casualty significant and on such to and stronger have casualty, as broadly we strengthening. stable discipline. basis losses the slight rate had are in in and we written reduction margins loss hold are due to net maintain excess double-digit we are aviation change that capacity gross to had increases where auto. Within in casualty reduced premiums on report increases this see as deals kept up some occurred written reserve The exceeds to written We underwriting achieving loss X/X, have capital reallocated lines structured reduced a rate book, reinsurance particularly lines At as we driven certain following XXXX. costs, classes in premiums of peers for continuing X% seen casualty premiums
on to We underlying adjusted earnings a loss walk our now XX. transfer into basis, XXXX, in portfolio entered which like-for-like Turning for the quality. Slide combined and our shows ratio of impact the
X.X our of year the the remains prior ratio, XXXX higher year, development from transfer full portfolio it at loss year point reducing effect at year decreased segment our core the loss the LPT favorable X.X in distorts this XX.X%. versus versus our was portfolio to points combined loss LPT stands the historically small the increased combined period. ratio from ratio X.X as prior improvement Our catastrophe compared but look last our recognized to X.X XX.X%, points prior full year at the points ratio It our following development, ratio, points, combined gain levels deferred low year basis, within excluding X.X is year important a with at of prior the The performance. than the On year-over-year X.X points previous by the versus excluding excluding repositioning.
losses The year the underlying These is inherently catastrophe development. quality page of underwriting of over on time. this metric right-hand out the impact believe the chart in from quality useful portfolio. vary the prior We strips side demonstrating and our earnings underlying
X.X quality the that prior by attritional We a are the offsetting mix. loss core X.X a by a X.X shift year-over-year, cost our this year. point improvement increase in improved was ratio compared The report driven the reduction year to in points pleased business to in to earnings ratio business acquisition point due of more in than improvement
the levels remain these in attritional focus. as with to continue we the lower ratios expect loss to improve potential our continue We to at XXXX, them with first further for underwriting
expense business. schedule XXXX. we completed underwriting improving year-over-year combined cost decreased significant the as for segment building which of underwriting book and the and ahead work, points, the Services The year-over-year by segment the both on X.X ratio the reduction improved of reinsurance in ratio quality actions Crucially, underlying of earnings Insurance taken are our entire
ratio years exposure Slide financials. XXXX their meaningfully losses. for our In have losses and drastically peers reported XXXX, XXXX further on to already catastrophe we XX shows loss versus reduced Looking and XXXX catastrophe portfolio changed financial our into our that XXXX, property our catastrophe
Since highlighted has consistently reductions. our then, our PML messaging
to results X delivered we that effectiveness our our of fourth we financials, second of of the that to We book of XXXX, highest greater we Out our years from of both peers have There XXXX. pleased their losses, demonstrate XX ratio financials actions. the the portfolio full from that have are catastrophe reported effect went We XXXX having now loss having the and our have in prove track the the these volatility we would proof and actions this. said lowest reduce than catastrophe of is XXXX record. no in
catastrophe into Slide losses XX puts context. these
XXXX. we retrocession the in have starting demonstrate we for in with X/X side, renewals U.S. left-hand the protection place On risk,
increases similar cost. have We our achieved limit our decreases in a and in for retention
right-hand the trend in On the by quarter. we show segmented X-year losses side,
highlights, the be As of dynamic. losses catastrophe the chart can timing
losses a XXXX. catastrophe to Importantly, of meaningfully we percent compared equity as as reduced have our shareholders'
we protection addition, our and mix we enable our continue strategy. to retrocession believe place targeted volatility the In in business low put us to well positions
defaults coming interest million, to income the result slightly XX. income, no elevated. well. our grade we strong remains fixed updated to to In AA-. as Net quarter, of of as now in year investment our rating guidance investment our full portfolio remain our saw fixed Slide portfolio income Overall, our we is income investment Turning investment is to of an continue average with $XXX unchanged perform was XX% operate credit investment portfolio. The for continues rates on ahead strategy across of continue high-quality, portfolio. low-volatility XXXX fourth which fixed a
X.X%. reinvestment During see rates the continue to quarter, in excess of we
reserves duration X backing portfolio increased remaining years. X.X at overall fully matched Our slightly to loss with years, assets
sheet Moving XX. XXX% liquidity. strong The significant ratio and balance on remains an estimated to Slide DSCR with
capital ratio have of We and reaffirmed diverse repurchase following repurchase increased point as financial This agreement. CMIG outlook equity. in to debt-to-capital CMIG XX.X%. to to year ratio debt month, S&P The by served partial year-over-year lower retirement strength first our rating continue $XXX remains half million of within the our target following our repurchase. the Last the the X range. a The mix stable a offset
repurchase of $XXX have reminder, we million. an share a continue authorization As outstanding to
progress credit. we while and We looking were other debt ensure able Finally, liquidity. it we of in optimizing our vast now capital $XXX retire XX, million step at to for senior million full our made and structure to come important have at to of senior is has debt to It look further Slide stack the in back $XXX capital us refinancing XXXX.
capital our grow strong capital in other our a that ability In reinsurance addition, support we entered our XXXX the ] fungibility improved transactions of conclude strategy. We position the and completed operational financial redeploy profitably to intragroup to [ this, business. With to presentation. we section and
headwinds reshaping numerous company saw quarter considerable removal XXXX. as for in our the with us the make of we This enter progress journey
Our results with were and stable, $XXX year consistent demonstrate fourth full earnings strong improving XXXX. of million quarter XXXX roughly and and in underlying results underlying profile
We expect to on and the delivering build through XX% XX% common equity to on return this average to aim continue cycle. performance a
is strategic major Our reshaping complete.
been future. balance primed cleaned Our up and has for considerably sheet the is
increased our corporate the simplified a have of have structure, governance We diversification and base. investor we
I with would time has I'm like I a team, on on to to excellence, underwriting to value for your focus in. morning. you this thank team united Our again become excited best-in-class through journey believe this a creating be
investor.relations@siriuspt.com. please I contact back Investor our For the to the call Relations any operator. turn over now at team questions,
