Thank you Mac.
referring specifically During to when share, otherwise any am referring I common share my portion, per figure, fully unless the diluted per noted. to
income the $X.X to quarter million of the million for net was $X.XX in or per income $X.XX XXXX. compared per XXXX, same of third net share For $X.X share, quarter our or
was quarter per income XXXX. $X.XX share XXXX, $X.X third the same $X.X net share, of quarter to million net or compared of For our million $X.XX of per or income the adjusted for
September IPO, company's tax Third quarter income XXXX those excludes cash expenses bonuses, secondary tax related to incentive stock-based one-time offering, adjusted net of compensation expenses. and restructuring, our the impact the
tax XXXX exclude retirement company's with associated and IPO, restructuring of adjustments debt. quarter expenses of the the third The the
of Gross third to written prior the third quarter. premiums year an quarter for XX.X% were compared representing million, the increase $XX.X
the indicated, commercial this environment, our retention which quarter. product our average new premium rate X% increase during growth Mac price by strong of for well specifically driven by was portfolio lines as product, As improving saw and an as an business across
XX.X% Ceded to increase written million, representing prior premiums of year's were an the the for compared quarter $XX.X quarter. third third
in transfer income as XOL valuable was with quota portfolio fee on losses our and increase especially quota utilize risks topline minimize excess increase sustained to the in we growth. generate our primarily to share demonstrated risk our The by We a Our impact of expense, commensurate remains to growth attractive strategy reinsurance business, to an loss a driven the from reinsurance reinsurance. critical our reinsurance our component share of partners. attritional ceding or
written XX, which This renewed as XX.X% increased premiums specialty lines, past for three in share which the homeowners then quota ceded premiums signify reinsurance facility, total full through both our XXXX, of ceded partners. successful in premiums strategy. all months residential agreements the of September commercial of a are ended under increased earthquake earthquake to first the subject of The primarily and our from XX.X% quarter, three quarter said, part due and to in quota gross That of dollar our the written not quota gross for was the reinsurance premiums use we ceding application share completed the increase XXXX, our share risk ceded ended premiums amount to due the September agreements. decreased XX, commercial written to increased, months percentage written of
business, coverage. Due be to and these there earned may lag or we look to expect expect we as a placements But level to grow time, the out we reinsurance underlying incur reinsurance expense. terms placements As our premium timing trends and their we in overall same. and the the loss of our impact of over smooth reinsurance a of excess maintain expense of to of conservative additional contracts,
or billion or earthquake over retention event Our of per remains earthquake events. wind and million repurchased total coverage $X reinsurance $X
the third earned ceded and due million, Net months ended premiums premiums. third of prior by both offset the the XX, to to three year in premiums quarter the million September gross in written were the $X growth an of increase growth higher of other and for written for XX.X% XXXX. quarter approximately $XX.X earning earnings higher XXXX compared income Commission was
incurred to expenses, of and year's third were the the third compared million, LAE, $X.X prior adjustment in decrease XX.X% Losses a loss quarter quarter.
high homeowners lines to attributable weather-related to which of losses losses exposure the quarter. and During experienced our both business, third risk were both primarily seasonally periods, all specialty during commercial
an While to earned severity compared third translated loss third into the for we during year of the our prior did X.X% loss for quarter. improvement events the reduction the our ratio growth premium overall of third XX.X% experience in quarter weather-related and the to quarter, in year-over-year losses
from results and reported losses Barry, the Dorian, earthquake including and Imelda. include $X.X of or IBNR, LAE, incurred Faxai but third quarter in not storms Ridgecrest million main The
for quarter scale XXXX. the of business XXXX XX.X% of our end third will to the the continue XX.X%, the to long third believe expense term. Our We at over ratio compared was quarter of
the year during our for the a third third efforts a quarter, compared Our ratio which and combined in third prior year's XX.X% the believe adjusted a assessment for combined XX% quarter ratio, XX.X%, XXX.X% combined the The to better decrease the was ratio quarter. quarter. compares of is we was third to of prior
asset securities, at totaled government quarter-end. $XXX.X XXXX. corporate generated by X.XX of are and Cash $X.X XX.X% million to compared increased quarter. cash including interest bonds agency duration conservative a the for Net municipal increase the as at maintain average invested was our mortgage-backed proceeds securities, years December investment was equivalents, to funds our million portfolio, third and We $XXX.X generally credit high-quality of IPO weighted due income average at an in largely strategy investment assets compared year's prior in quarter was The from to including increase The investment and April. quarter-end our million, invested fixed an the third maturity of AA. quality and securities with as XX, income
consolidated third the unrealized quarter, investments year's the of $X.X we to For third on compared and recognized statement $XXX,XXX, income of million gains quarter. in realized the prior in
XX.X%, rate comparable XXXX tax is the for our XX, for part September quarter. effective to tax our The Our three XXXX, the compared of due effective this to rate X.X% months early restructuring in the ended in was increase year.
taxable are the All tax. operations prior periods, not U.S. now whereas in of were in Bermuda our subject our to U.S., operations
any XX% year. our the that will remainder XXXX the Excluding events, anticipate for settle tax mark we unforeseen rate of around
addition which was term term. XX, on the capacity for proceeds, the XX, of XXXX. increase was return equity compared to over providing equity $XXX.X stockholders' long Our at December due $XX.X the downward September IPO pressure our on growth net short in put primarily million will while This XXXX, at to continued million
of annualized to third quarter quarter third the compared XX.X% third was X.X% during our adjusted the of Similarly, on during For annualized of to third return compared during quarter the the on return XX% was XX.X%, XXXX, equity XXXX. quarter equity XXXX.
to now concluding to the for Mac turn back I call like would comments.
