quarter. $XXX in our XX% increase of million year-over-year increased written May our at XX% Thanks, had the Stephen. the average divisions driving upsized XXX% the the IPO for adjusted $XXX million growth for of proceeds included from fourth quarter, generated the I to of premium Gross per million to equity on We income from $XX.X quarter. was or up which with casualty share. XX.X%, XXXX. had net return premiums in each $X.XX year-over-year $XXX million net diluted Adjusted quarter for
book by The new and $XX growth collapsing casualty increases driven business continued we continue premiums X% towers. from the new increased book, certain in our to stemming lines casualty came mostly of million from year-over-year, rate rate our In Healthcare division, in our increases renewal see renewals across of others. excess Liability business with and where and
in liability XXX% million the Professional quarter. despite while underwriting fourth was previous cyber generated a to was quarter, our division, a our growth increasing which of driven maintained we premiums challenging discipline market, primarily premiums premium the In Baylin by Liability year-over-year in the $X.X $XX modest portfolio. which from X% million,
the our loss Baylin. independent timing year of our Due QX QX after We're loss expect initial year, second each metric our full XXXX, we half consider and actuarial of ratio. our launching to up in the more a pleased with the to in meaningful results X ramping of momentum year review start ratio than
of XX.X% loss ratio For year, loss the XX.X% the to increased XXXX. XXXX our in full points compared X.X ratio
mix review to XXXX. a and Remember, compared due our ratio of since in higher accident primarily division inputs in our casualty changes we've is our data. industry is is comprised Because where portfolio long-tail right year only and loss to operations increase for been The portion independent actual the our annual larger current primarily based loss on lines, portfolio this, years from a has limited. of X experience actuarial
internal from ratios external expected patterns external are data are derived benchmarks, mostly while patterns. and a benchmark loss combination on of pricing initial based Our development
industry casualty. to including limited large align the of benchmarks our to attempt of auto commercial nuances and all lack national in We exposures fleet exposure our portfolio, account
into recent aggregate particular which primary but patterns results patterns our lines, most The generally had in development in importantly, we Additionally, take for we annual than actuarial in our various account XXXX. accident most prior adjustments, in resulted review development development the excess positions. position different in no net use QX year losses
reallocated but loss professional ratios you reports filed, liability prior and extent, basis years prior reserves the a in derived primarily actuarially the XX-K casualty in aggregate in and As reallocations were to once with projected development an years more to we the patterns. adjusted on by with development. the 'XX division 'XX was 'XX, divisions to closely lesser These align from years accident 'XX, in result see will no our year other net statutory over
in specifically, the the casualty, by development trends net benchmarks. $X million unfavorable in was industry of loss driven deteriorating More
While actual in by experience expected. coming net development than driven professional offsetting in lines, million the was of favorable $X.X lower
current Additionally, initial expected loss rate some accident to actuarial with we deterioration. align continued estimates, increasing year adjusted some experiencing lines picks including
XX.X% news reserves In of but potentially In well net our level the season of the end, incurred, future. news loss recognizing that at of good in bode our made our when in bad reported should actions XXXX. while results reserves end net quickly letting principle, conservatism we're a comprised not these reserves for aware of the
we reminder, since We losses future due any any in not material California Bowhead to risks, write did the does property expect wildfires. direct As quarters. do to not experience a not
auto such avoid commercial in and and and classes habitational limited exposure have trucking, jurisdictions. we leisure policies unfavorable Additionally, primary sports fleet avoid writing as
a the our our to Similar due expense volatility metric expense ratio trending full inherent of we more year ratio, the loss to ratio to meaningful monitor quarter-to-quarter. the consider
ratio, our points increase For point expense reduction driven in point X.X in our expense by X.X XX.X% the net by ratio. offset X.X partially compared acquisition a point XX.X% decreased was a year, to ratio which our decrease is in X.X operating XXXX XXXX. of
operating broker was The ratio was ratio ceding XXXX due business commissions reduction XXXX rate in a of acquisition to in management in X.X% decrease prudent higher X.X scaling our our The to commission by expenses. expenses the our X.X general the and our point in XX.X% net of point grew increase rates. in XXXX net XX.X% at the in from as expense earned our increase X.X% where in driven from XXXX continued as premiums to well than in
to portfolio, effect expense a of ratio broker Overall, The comprise our portfolio contributed compared due higher to and divisions the has XXXX. broker the year. to our for a compared XX.X% changes other increase to of in and ratio of our a larger ratio was proportion mix commission and casualty loss commissions where combined
for income higher $XX in quarter increased investment yields. Turning our XX% investment million to $XX increase $XX the to net our by investment than an investment more and driven and year, portfolio from to doubled portfolio. Pretax million in million the
the year, new At our of the credit of our in investment investment quality end money The remained AA a portfolio a duration of X.X%. rate X.X of portfolio and at years. book had and average X.X% yield
for in effective year quarter and XX.X%, was the our rate line Our tax the was with XX.X% for expectations.
may giving taxes XXXX year effective for was $X. the for us XX% due As rate of the tax million, equity a and $XXX an $XX.XX adjustments of share certain from book a diluted differences. tax year-end our value permanent per of state note, Total to increase vary
the from unchanged during Turning XXXX. as remain expectations mentioned, XXXX, to what we and communicated for which, IPO Stephen in
in a professional casualty liability and supplemented Mailing We expect continue our by by growth and in of health profitable momentum around our to care growth within XX% led growth division, premium divisions. our liability division
quota from XXXX our in X, perspective, later commissions. and loss main XX% a and our although down we've at share cyber excess treaties quota treaty in year, XXXX, effective ceding increased ceded From renewed renew share our May of this January XX%
as to older may As expect we roll consider at loss on range, renewal, reinsurance including the changes our book a we our the our our coverage ratio in years but remain gradually earned premiums note, XXXX factors each determining from and mix XXXX retention, when mid-XXs change adjust various and reinsurance program, off.
Prior maintain due each to year change the or reserves evaluating conservative allocation audit reserves we'll premiums approach of may to loss expenses, quarter. but throughout our year adjustment
our continued Additionally, full priorities the our for in profitability. continue to expect remain of cross-cycle in XX% due expense we year ratio range to low business we to the XXXX of while achieving the scaling our for invest
vesting in expense RSUs QX bonus to and takes We in and of of X% payouts higher be to expenses. ratio expect X% the fee to in increase about the than in half which nets year with premium earned associated second after certain first the our second the payroll taxes half the quarter. from Also, in family to quarter. slightly of the X.XX% first the due the seating place to American
believe the mid-teens. received be sufficient net mid-XXs during the will our we as was ratio full in shows, more From to capital we communicated combined from for year our than Therefore, perspective, IPO road be return proceeds we've for on and in upsized our the XXXX. the equity a
discussed, As opportunity. have opportunity us and of With turn over we the we'll XXXX, that we've great the funding we'll appropriate ahead that, in for a assess call growth of questions. to source capture
