to to additional call. our some commentary Good today Brett. introduction, earnings everyone, providing conditions Board our the be take get XXXX results, market fourth to fourth a as pleased quarter addition alternatives. I would results color the well fourth into full on joining to future and XXXX quarter to River.Before provide for made and like quarter, year you November in the welcome on comment and explore to the by I'm for Directors you XXXX briefly Thank outlook the on both the James last as for strategic decision we of River moment James to full year the morning,
does I'd on until can is organization There for a transaction a of a it not has result James moments a the disclose in long-term that few transaction. position unless this appropriate like few of was to for progress we River, turning last alternatives an a strengths reflected is legacy and will the intend for to take the auto be end, company XXXX key a to with priorities a other no we options assistance potential not of consideration, other strategic that River potential X further or and year results. team, made summarize years, among process including, do to of thoughtful in it around timetable strategic the of strategic the merger exploration or has sale, transformational reinsurance substantial other strategic After things, Board James this Board these and been not which assurance this necessary.Now, core currently process a management year the have our process range developments particular meaningful adequately in will set however, James a issues while our wide River of completion initiated progress determines has repositioning company's further casualty disclosure Directors extinguishing portfolios. The or the current outcome. believe pursuing executed for to valuation. our that future company, active and consider Board Over in of advisors developments. our the and success. and the that commercial number ongoing.To that
on of First, our Group, now our Specialty focused renewal following segment Admitted of purely the risk is programs. the compensation prospectively to workers' sale Amynta the fronted individual rights business
Re, our positioned to appointed company Bill Bowman, the MGA we a domiciled the and business business also find led division Bill a who since to program We Casualty the the announced profitable space, for in new President in fronted is well CEO Admitted reinsurance and sale in growth seasoned lead Specialty November. executive Holdings our Fleming to continue XXXX. programs opportunities has segment.Second, Reinsurance our of who Bermuda of and JRG is our segment,
necessary approvals expect and we quarter. in transaction first have We all now received the regulatory the to close
to businesses focus removes on transaction us the X forward, exposure further have advantage transaction Management take exclusively of will market considerable brand recognition expanded The Casualty with notably the by Reinsurance fronting, E&S our we to the E&S and in we our Moving from Todd future where also offering product business.Third, to allow legacy of reserve Liability opportunities. led and Sutherland. any our segment volatility division, introduction scale
building patient this continue product excited expanding division, in plan we to a proposition our distribution out take to our underwriting diversify partners. to value While we're offering, to approach our
attract including has Jim business talent took the who a the segment following over us as McCoy, our addition very actuarial the and an effort Board our the with experience. to Mutual.Jim the in over to performance as of Dave X executive to improve as Chief joined our then August unit Chief April actuarial monitoring, ensure the joined experience both former Actuary risk large a at casualty We've last resources year; and successful than Liberty Dennis and of to years Langwell, Gelinne. extensive process years leader Board to future. retirement prior an Chief and transition and beginning depth a of in well added and in us Actuary very background smooth enterprise He this E&S and considerably a underwriting segment career, today of a at further serving at of of more McCoy in continue we Lastly, XX of Actuary who team CFO experienced of after XXXX the Directors,
We continued for strengths. across have we our to years repositioning significant around these has business on now tailwinds as what X are been conditions River platform. and scale its and have initiatives gain Market provide James turnaround into a of executed core our
the over to Before to we're share to greater premium, for billion $X by the into out year. gross some financial milestone for our dive flagship have like and we beginning a than with I'd full first excited division we met highlights year set quarter, the X.X% XXXX written at growing performance This is prior achieve of year.Our the the the goal. E&S ended of had
since XXXX, with renewal both quarter strongest of fourth new the submissions the first showing meaningful During quarter, and its segment growth advancement. the experienced submission
segment produced E&S profit XX.X% Our for combined a underwriting and $XX million XXXX. achieved of ratio
Overall, the the E&S by in achieved X.X% the compensation. Overall, We of XX.X% full rate business segment gross from we continue combined increases was the gross XXXX, ratio increased full grew written written XXXX year.In for Specialty for of impact segment, significant premium year. for premiums Admitted business repositioning the momentum the see XX% continuing despite at $X.X ended workers' XX.X%, portfolio. our of over excluding The to of operations program XXXX to strong with XX% fronting our and in reflecting prior strong we ratio grew XX.X%.Lastly, Investment producing investment net combined the a investment $XX the year. from the and total premium continues billion, to income continuing our strong of contributions an as Net X.X% growth produced X.X% of portfolio million interest rates. from as bottom we income operations. show line benefit increase in return and by business across changes a our performance of in retention earned was higher and
have have not just we the per expectations our to forward, We and during consistent will $X.XX of operating While or the XXXX position more for we fourth $XX.X for our strides return to share. income quarter we the we certainly adjusted a are did turning we results. year. to minutes.Now, speak XXXX will are proud returns that advance outlook We to our of Sarah disappointed achieve believe taken few future continue made in reported net million for produce and the going actions success, it organization
common reporting return growth. In E&S most on was with equity the ex-AOCI operating for gross segment, XX.X% solid increased tangible XX.X%, of divisions Our underwriting written premiums our quarter. our
casualty, continue divisions in activity the the Our quarter.Submission robust led this for segment general to excess energy accelerate and from manufacturers casualty and contractors, recent remained category and quarters.
As change performance. previously encouraging the excess an expected casualty significantly divisions sports in $X.X XX% trend.Turning the to casualty full strong quarter, as have X the our prior growth in firm broad-based rate to Rate up come importantly, increased renewal business. underwriting our the XXXX, XX% over we submission over which view increases quarter XXXX, compounding included Results year of the build rates strongest remain the into rate cost Most underwriting rate few in conservative believe points no believe seen annual related the reserve was the during of The to strength in years, quarter. to totaled period. loss XX.X% the to year our us of we development million. we better, throughout loss E&S line. manufacturers XXXX additional take reserving during the increases in increased much general adverse quarter we highlighted market.Pricing such that it is as over for also remain ratio picks few to and experienced and was also the and those set our several to fourth prudent more into earlier, to achieving trends, year. hundred last period view low-double-digit like XXXX built rate entertainment to we our both and loss in over as than conditions the certainly the as year. basis taken would and our of with the area for renewal This severity in as have some majority over the with rate years. general assumption that XXXX XXXX fourth XX% actions allowed million combined increases pick achieved of continued rate rest underwriting XX.X% to than and and mid- sign of divisions, was both of results. From casualty a the new years and for effective reflecting moments submissions quarter like have XX% of business on our seeing X loss add we're that have have the determined observed of reserve across $XX quarter better this mid-single-digit period, well recently the Several to profit single-digits of be pricing of contractors, actions the an where Pricing divisions detail reserve assumptions we our assumption In of casualty the high to we ahead experienced or plan additional in and to our underwriting the sign last implemented base recorded we the to in continued years.I industry our the that was this opportunities We weakening. increases have to we the our to increases casualty, the accident strengthen provide
recorded far, portfolio in While last have January years, changes rate XXXX renewal general the underwriting double-digit over is throughout range.We the comfortably made especially just was also in getting casualty. started, meaningful so the X in
firearm portfolio, the our as sub-limits exclusions the U.S., assault to certain casualty hotel-motel introduced book and and of our sorority raised including substantially significantly battery general have meaningful restaurant non-renewed rates books, fraternity Southeast. reduced in exposed as parts in risks our and well and We
the strength this accident appetite, changes to business loss our quick significant taking spite being to action. reviews continued a oversight data-driven ratios outgoing substantial being our and the undertook late Despite take consultants such these grow prudently have in deep At in internationally underwriting actions benefit performance the we expected further of and XXXX, changes, building year. time, with leadership that these our we in year. review rate.Under were reserve of actuarial across underwriting and Chief third-party adding actuarial We and actuarial had And the comprehensive by reflected meaningful not while done recognized we've our group, same for our of to our Actuary, the monitoring profitably Gelinne, Dave making of completed. in
of years reserves the robust in thought our soft in general trends due have presence casualty Our trend as to should the incorporated we actuarial analysis, using research part review, in many the frequency we considered to additional inflation directly for our frequency study market papers our increased segment, methods our that E&S severity experience instances, findings that in own factors. company's the not and published of added we assumptions.As severity. as XXXX loss from of these be largely In social they the use we were found actuarial methodologies determining and and of in XXXX investigated
our reserve XX.X% actions is we going forward book targeted we higher same However, believe these views ratio as both while overall created independent we had both to the in continue years actuaries indications leave actuarial portfolio, independent of attaining XXXX and more and consultants underwriting time, accident our our higher recent actuarial at have third-party our rate in to and The internal our book accident as than have actuaries as us made loss in terms rate well view.Overall, adequacy. similar our the profitable of excess changes both as that of year picks encouraging results loss loss a our years been trend. of internal of the favorable have confident third-party
As I Admitted attractive, before, Specialty rate and submission robust meaningful increases marketing new to conditions will growth.Turning continue and for opportunities segment. believe to excess remain our E&S growth renewal competition. loss provide strong We XXXX by profitable expected of characterized mentioned trend, in rational
for and quarter, prior to the excluding premiums quarter. premiums workers' the to XX.X%, program by the the grew year premiums impact of compensation Overall, compensation. due fourth we compared During X.X% workers' lower segment fronting declined gross gross
focused the the organization conditions combined continue Our executing with year be fourth pleased positive of our core strengths positioning in not continue advantage remain new for with future. programs market. the was our gain market on rate dedicated which could without the are on and the we to of for employees and XXXX. summarize, progress I'm a existing was XX.X%.To River. of positioned attractive profit benefit Underwriting $X.X achieve, and and strategic XXXX to from million possible priorities of the a quarter change to throughout scale James well take We ratio
we call over capital where attractive Sarah line-focused and organization, that, As continue achieve will we our to deploy with the a shareholders.And consistent for bottom can turn on resources returns to I'll Doran.
