everyone and Insurance, Good will highlights Brian in progress quarter. I'll several observations some our look provide on performance into will the Today, as update progress businesses, of on summarize we're Brian. and provide of the overview making morning in XXXX. of our provide second mentioned, I financial second disciplined you, changed highlight impact lastly I which an actions of half actions program, you Thank the towards and share rate detail portfolio. the insight General tangible briefly we of Validus, that the reinsurance our the focused having composition are on
on We in for continue markets. our bandwidth and quality will respective leaders order actions expense underwriting risk book exercising their businesses evolving to focused enhancing investment. our improving to our of position These our that appetite, across actions program of reflect desired the Insurance General include to discipline future in and execute business, to provide reinsurance be
financial General I'm time. and business the end-to-end demonstrable results, first throughout will quarter, on in the second the is We having our by are embedding improve but actions believe pleased of improved evidenced in year. these half only I actions operationalizing business with very are over as these more Insurance disciplined processes. the not impact this performance our sustainable,
our combined ratio year-over-year. and basis from of of adjusted quarter, XX.X%, The an year-over-year. momentum Building ratio quarter points we XX.X%, improvement the an of an of quarter achieved accident calendar improvement combined XXX accident including actual was basis year-over-year, on ratio first an improvement points quarter XX.X%, combined an CATs XXX as points XXX of basis
accident point point and first a CATs XXXX. The the XXX-basis improvement for second XX-basis sequential XX.X%, quarter was the quarter ratio, from a improvement year-over-year, excluding quarter loss
where are vastly from improved improved our the volatility comprehensive in and change Japan as Commercial This lines returns, a in areas actions reinsurance and our targeted in of loss performance, areas achieving Personal business underwriting and continued not stemming Auto result property was of improved quarter-over-quarter we mix such program, reduction experience and improvement reduced and certain Properties.
North gross In CAT in reduce by reinsurance exposures Overall, America. our on quarter, losses which strategy storms driven aggregation net and were and tornadoes the we primarily a along with to experienced basis. second net worldwide million, of $XXX our continued
premiums FX basis. billion, approximately X.X% written second were quarter Net down the for on year-over-year an constant $X.X
of written quality almost we've XX% Validus by exposures magnitude portfolio declined has and improved Our our business. Glatfelter rate year-over-year, the reduced and and our overall the excluding of net our book re-underwriting of greater adequacy premiums
discipline Our to upon our improve combined will ratio, will later. continue expand which I focused
The XX.X% the points XXXX. acquisition quarter higher second of from year-over-year, increase of point increase reflects a the which sequentially, basis XX-basis ratio point quarter year-over-year. a point is improvement second and largely expense XX-basis increase quarter expense point XX-basis represents of and to first due an an XX-basis This of XXX XX.X%, ratio
and and the to second quarter was favorable ratio a which second by XXXX. from ratio higher performance ratios, expectations, improved have adjustment but point of XX.X% The in XXX-basis in the loss in the line expense was acquisition one-time warranty quarter, businesses, general amount in a improvement in A the lower of premium travel attributable prior-year. run the significant commissions. and is increase rate operating impacted quarter second year-over-year of with XXXX our the The
approximately by impact FX the constant of an acquisitions, Excluding operating expenses declined general XX% year-over-year. on basis
on concentrating execute to identify unique and our growth to areas leverage and continue a appetite framework remediation strategy by on that risk for position. market our risk portfolio and optimize AIGs We
quarter, to Glatfelter the noted, quarter in Brian Moving on Validus we increases the the on rate high the and to second rate as compared digit continue excluding first improvement see single-digits our a in across average portfolio mid-single to of meaningful year. in
a commercial Validus excluding obtained provide Energy the energy mostly weighted the E&S and and improvement our wholesale, accelerated strong mid-single basis, US excess rate retail more property, detail in Glatfelter, in on In America, Lines. high were increases UK, UK, and I casualty, obtained we Financial will we and by North Marine business, In increases rate and led were in In the single-digit on which D&O, The the rate increases. average both casualty. reinsurance digit and later.
revised and progress. has tighter distribution some second Let vastly improved Lexington material the in we specific made strategy from highlights me with and appetite flow extensive submission quarter risk business that has limits. undergone share resulted repositioning where
improvement and result, we achieved rate casualty. As teens strong in mid-to-high the property in a
accounts, XX% We over a most XX% of limits of the of XX%. of the targeted submissions limits Property of second over over of up strategically XX% was in almost in since our quarter casualty resulting XXXX. were and volatile property and casualty, reductions reduction year-over-year, increase in
the pleased pace in very extent of the our becoming these market of the team, leader progress with I'm in of a re-calibration outcomes and space. E&S change the leadership business, the reflect
on leadership the execute be expand his ahead costs, in Lines, of to composition will to very continues lead lead strong in our gross layers. remarks. for those rising we and prudently aggressively our capital Mark deploy improve as limits which Financial loss In of on plan layers portfolio, our Rate our we're reduce demonstrating and
D&O, with For example, saw count over rate XX% increase XX%. the a we retention of policy approximately corporate primary of in
D&O commercial In we commercial reduced primary we than D&O the from in lead aggregate layers XX%. with public US greater US approximately over XX% D&O and and European over high year. portfolio, by the our In public UK, reduced limits the Financial premiums Lines D&O primary policies with over reduced by by increases limits parallel, million over premium teens. in XX% quarter, limits limits we XX% in by prior the in by And XX% increased $XX
America In written aggressive North on the overall on total Property, improve over increases limits average basis gross we This increasing over rate a quarter. of actions execute to over to and by deductible XX%, by XX%, entailed our achieving in continue reducing XX% portfolio. our
there commentary in noted, new has environment issues they time of some [indiscernible] evolving the pose social not social are and developments now, relate including Brian following industry legislative issues [ph] These to As adopt and as been and impact expanding the case about for inflation. for tort and been we've
handling risk and paying the particularly is complex claims. adept We're claims. managing at of in AIG business very
they complicated actuarial and understand these to and together to Our sensitive experienced mature. professionals have emerging as address claims appropriately been developments risks underwriting these working
to were was Re, the capacity X of good loss tightened show the Validus April from and to very business development of Turning a main and June a flat in markets reduced retrocessional increases. discipline Japan this focus Florida Demand renewals combination prior in X the resulting ILS capacity portfolio. generally factors but continued areas to The rate quarter. renewals. shaping hurricane such due Validus and as had
impacted loss from as the I with to in rate flat average quarter, for rate layers CATs. on the last by increases X, change mentioned renewals to CAT XX% X% impacted not portfolio XX% example, was layers ranging For Japan for and connection with in April XX%,
renewals, portfolio adjusted while a by risk our For increased expiring X% premium by renewal rates year-over-year, relative Florida to representing the [ph] net increase aggregate Florida XX% reduced X%
our the our plays A manage a our making we on quick the less a result. be accomplishments pleased discipline strategy strategic overall towards with progress to delivering sustainable, portfolio, and ongoing continue of very reinsurance combined we to see When we're position. update reinsurance and program, underwriting in role and composition underwriting advancements on critical volatility strong profitable and volatile our core
concentration CAT Re. our meaningful placed points per quarter, [ph] of property areas The current single million the a with second treaties The two and for address the respectively single for property million Validus NOI of In and shared specific Caribbean below repurchasing aggregate the just program that two public of for more additional Caribbean to a $XXX were million. is attachment $XXX NOI cap cover the limit treaties limit $XXX retro are
our to manage risks. also continue for exposures individual We large property
to the gross limits facultative higher portfolio, providing containment. we some of volatility risks in asset reinsurance addition In on purchased automatic management, the additional
refine into move to season, updating you to XXXX we into improvement into half quarters. earn continue and in of and program hurricane next on look our evolve gross the second we comprehensive aggregate reinsurance our and to As now and have our we protection forward peak begins further enhance, I currency place as call. will future underwriting
a team, to on Insurance, the our overall, quarter, second reinsurance to our strengthened and we General operational added we building capabilities bench. new in retaining best-in-class organization, our team linked rest leadership and in that to to talent of the Turning continue continue expanded organization, to the talent underwriting our focus build
Additionally veteran The reformulate to efforts strategy performance to proud half that high of capabilities extremely business. commitment, in insurance, the extraordinary refine of across and as of reflects seasoned team the a we globe. our in to personal General our continue network first Insurance our colleagues XXXX globally. of lead the added I'm dedication, we
mentioned Lastly, XXX, which to remarks. I comment his AIG want opening on Brian in
AIG a on and that of infrastructure modernize across look AIG. beyond, as and create businesses as of half workflows, unified to well and we to second we all more focus our it's As invest the and XXXX critical digitize our
of the excellent transformation. over corporate executives critical did track achieving we As the during with number Insurance seasoned records are roles results months, center General with we XX last of adding to proven filling in a
strategic, Officer, meeting that become enable In financial to company. Global the Operating work next a top-performing I Chief phase we're achieving long-term will operational, to this my accelerate making goals capacity towards and progress forward as look of AIGs AIGs us
I'll that, to With turn call the Kevin. over
