accordance million Florida a X, our million, you, premium with renewal the Thank Sawgrass premiums year Company, million written new Heritage acquired on $XX.X we $XXX.X application been one Gross expiration, entered morning. Mutual will approved Regulation. that September to these Sawgrass In offered ago. an the at already coverage in-force required $XXX.X to or of a paid were policyholders quarter renew agreement policy to policy Insurance forms the pay every into premiums month which policy compared we for and for million agreement, we each $XX.X expire Bruce. policyholder. of Good the Upon not from Heritage us had with The a on period. to end approximately effective of to The accounted rates. Office On of gross September Sawgrass will for premiums we was original quarter. Insurance with premium of in the Sawgrass premiums the offer file written were policies the Sawgrass. X, insurance Under using by administrative
Georgia, X% Florida. in This XX% our the written Carolinas Hawaii, approximately premiums quarter, was business balance approximately new wrote we personal of in and lines the in and
totaled XXX,XXX. count, commercial XXXX at September residential business XX, Our approximately in-force including policy
This XX,XXX Sawgrass, state approximately In-force Florida, by for the Georgia. selective compared Sawgrass policies to policy Gross Carolinas $XXX.X decrease and XXX,XXX. policy acquired premiums $XXX.X from ago. earned in accounted million the acquired in counts management quarter were aimed period for same Our driven earned exposure the results. underwriting the current count of which million lines was and lines $X.X XX,XXX personal included at underwriting improving for Total a approximately were personal in year total. million, XXX,XXX policy on was approximately XX,XXX Hawaii, by
We the in policies new Tri-County writing of assumptions lines discontinued the XXXX, in of area. have personal we and Citizens’ the quarter not business since second participated
$XX which against proved X, a The pricing, better was XXXX and earned ratio decision. Our reinsurance measured in wise at XX.X% our ceded despite improved the as gross management in for the retention to of to same be quarter exposure the in a to ceded a for proactive premiums compared year. our into significant reduction XX.X% premium million premiums, the premium XXXX, translated from ceded period million third June $XX which last of result catastrophe ratio to renewal, reduction risk reduction
the effect earned most cost ceded a the the growth X quarter prior to is from premium effects gross renewal when of or due year’s we decreases is As There to from the initiatives. due third of underwriting our date or program, increases the program. accurate nor June no get ratio catastrophe premiums reminder, reinsurance in
can loss primarily from as last quarter of gross increase earned was for Hurricane period attributed retained against for Our The year. to Irma. measured premiums losses XXXX XX.X% XX.X% ratio same compared be the to the third
premiums $X.X pending compared acquisition the million XX.X% gross with of Inc., Our Company. earned The operating XXXX, percentage the costs NBIC our to of for period parent third Bay quarter driven of associated as same a XXXX. of increase of for were by expenses Insurance Holdings, the company in XX.X% was Narragansett
was XXX.X% ratio primarily XXXX. same Hurricane of to in premiums combined current to was period gross XX.X% due percentage Our the quarter, increase The a as earned losses for compared with retained associated the for Irma.
$X.X was a million, Hurricane million operating year was the to due compared Our retained for from primarily to The quarter decrease ago. income $XX.X losses Irma.
which despite estimate of operating will adjustment to gross produce $XXX recoveries. generate and expenses pleased Irma, before We’re were we we Hurricane that losses able reinsurance loss positive income million
for proceeds obtain $XXX.X a for This and the to for until senior in of provision fair as value after common quarter. shares convertible fair at Due of the to a notes on million shares the convertible were at Under non-operating charge, in issuance we in from we of During of million $XX.X and proceeds will nondeductible common option to our Due the $XX the of approval quarter. of the million non-cash shareholder the option our using our stock, $XX.X of resulting at component at statement costs the income this the $XX.X XXXX, the other Net and price will both issuance each York million we settle loss. transaction of time net $X.X conversion GAAP the appears $X.X of the conversions tax common conversions of of the issued expense, our reclassify New of and/or only be recorded recording conversion quarter, Exchange, million as a of distorted. income. the shareholder repurchase value liability as gain equity this to cash of and conversion of value conversions cash will Stock in the Upon from Changes the and derivative stock. captioned line increase taxes the in notes we of XX, record shares issuance, settle end settle convertible option of to rules fair item statement million a the million in September and has or size stock common stock. in and in notes. charge effective approval, increased option rate charge year-to-date of quarter were the to
fair interest conversion expenses also financing option convertible $X.X costs In following non-operating non-operating for and of and administrative income than acquisition the for general charges of on million million and acquisition XXXX. million liability, and $X.X in of notes more merger pending addition loss million in our These net amortization in with QX of associated of million costs net our a included senior value of we $XXX,XXX quarter, costs. income $X.X the debt the operating NBIC, $XX.X compared our $X.X million to to debt and incurred change resulted issuance offset for and $X.X and in
$X.X stood XX, $XX.X option million million out have to balance $XX.X at In notes. a Bay stocks million pending quarter. was stockholder debt common XXXX. the acquisition, On XXXX, in the on $X.X stockholder at direct matter conversion will at had is the and sheet reclassified for of which paid XX close $X.X meeting of costs to on issuance over interest approval convertible upon December We X. in vote expect to for conversion fourth this finance the of scheduled months and expense to XX, compared Narragansett months, million benefit million shares the stockholders’ of past issue repurchased be equity as charge amortization shareholders. September of stock we the $XXX.X to last and dividends, side, we senior The to The equity $XXX.X million the XX September million
we income expect see financing the will cost. than offset to more we closing, Following begin operating that should
provision income in Finally, million while invested assets average we months. with of the our million an by which affected achieved and Irma operating were offset $XX.X at XX over were AA fixed XXXX, taxes, duration September quality earnings was years. maturity $XXX.X past for income of and hurricanes the invested securities, of $XXX.X Matthew average of million Total XX, credit X.X an by
cash was million. Our position $XXX.X
Our approximately our bonds NBIC. $XXX for of in pending in million of entities non-regulated short-term held preparation cash acquisition
high cash claims. Irma Our facilitate to Hurricane also was of insurance company balance payments
stood assets are available take your XXXX. With September at Our billion and I that, total questions. Bruce to XX, at $X.X