Good Brian. you, Thank morning, everyone.
third rate finally, quarter will performance, I the provide comments XXX. in update recently we the environment. the syndicate market. key the discuss U.S. I announced AIG General high on Today, on will serving are on that an units, close along business with new the I observations financial Lloyd's executing current Insurance, turnaround with And will our network
The underwriting quarter third our General goal profitability. sustained reflects Insurance, results of steady towards progress achieving
for on bold portfolio, future. reposition and We as strategies, strategic clear underwriting talent operational we focus and include excellence continue global in which on identified moves the reinsurance investing to disciplined our critical a to execute the
selection, volatility leading and better strategy. in reduce redefined underwriting and significantly rate cases, We're are to the management, limit adequacy; risk businesses our through improved many align continue achieving We market. aggressive with our
expected, for to through I'm we pleased results. As financial earn with fully take our will it But improving time actions performance. very reported our these
quarter point combined basis was year-over-year, improvement in expense to our XXX accident XX.X%, ratio, loss a basis a adjusted the XXX improvement adjusted quarter XXX Turning accident results, point ratio ratio. quarter basis and point the the third including improvement in
improvement the XX-basis loss quarter accident was In North XX.X%, America, a adjusted ratio year-over-year. point
reflected in improved reinsurance. of business was mix, ratio results glad reductions of changes wholesale world, the quarter the third rate treaty adequacy strong property and retail, which in losses facultative a favorable higher lines, the frequency impact of across to from and attritional performance across Glatfelter, businesses, western financial and benefit achieved lower of loss through number Our our
impacted These prevented-planting a quarter of Midwest, America's claims. our were Significant insured basis farmers, Crop, positive loss largely volume by XXX our by accident many adjusted ratio drove negatively North the points. in flooding spring Specialty of Crop approximately and higher affected offset which drivers businesses.
we loss of season. result, regarding remaining the crop ultimate despite our a this profitability uncertainty ratios As increased XXXX
adjusted We America's loss experienced basis points. impacted higher losses by in XXX approximately negatively accident the Marine, North quarter and Energy, Aviation which ratio
lines and We Specialty improvement continue to in take actions to through improve performance rate enhanced selection, reinsurance. U.S. risk strategies
ratio. combined Specialty a ratio, Despite as point North in business performed international America, expected North and XXX the these with accident Insurance in adjusted our improvement quarter the basis performed well, very adjusted seeing in loss. improvement basis point accident Personal expected basis, America, global quarter with lower loss XXX headwinds on
better Overall, a America's balanced quality, believe I'm seeing trends we're very quarter. pleased with performance, each price and and core that portfolio North demonstrate more the is improving higher
The ratio and International. trend, year-over-year. accident Talbot, adjusted Lloyd's to were loss improvement in severe A XXX-basis losses below In Specialty International a particularly and fewer we Commercial, Moving attritional had the syndicate. point was quarter that XX.X%.
basis within the loss Additionally, a improved Europe and trend accident Japan International points, are efforts Auto. our to to into earn quarter U.K. adjusted XXX reported see we favorable The re-underwriting in property ratio in Insurance Personal beginning as continue Personal financials.
our expense quarter in and expense line around with of XX.X%, sustained our General was third reflects Insurance ratio The control. expectations, for diligence
$XXX million active an net the compared Total quarter quarter $X.X the billion CAT XXXX. was of were XXXX third of third quarter to $X third XXXX, losses quarter. of CAT The billion in and in
Japan. six events nine which three were of in occurred There North in the in occurred America quarter, and
X.X% Our attributable Japan, Re. attributable net with in Validus CAT attributable and North ratio with events in X.X% quarter X.X%, to to third the America, X.X% to
losses North $XX was a losses $XX driver single and North to America to America, million five from was CAT event. range net Net Validus events at losses attributable events Re. which largest Dorian million. $XXX in million The $XXX million, remaining of $XX per were Hurricane smaller net in from million of
of region losses. from of to CAT since XXXX, $XX Validus losses million, Re. which typhoon was Japan driver Kantō was strongest the the the to Faxai, were the attributable million $XXX hit Typhoon Net events these main
overview presence I owned an $X.X outside General recent the in commercial Japan, the approximately is events. and significant billion foreign represents Company XX% CAT premiums gross XX% most market United in actions Insurance to States. our region the want is in AIG to largest written, and market CAT X% with AIG's market our address business of Japan, the in our personal exposure. is we share given impacted It taken average provide have an lines with of in largest and by lines. Japan
part manage net and retention said past, protect reinsurance CAT strategy our within I contain coverage enhance the risk to tail we as against appetite our to reduce of our in site, volatility Japan As and in events.
for tower to Japan, for our the a program we point When moving model X-year in to XXXX, a expected with occurrence in of worldwide X event. restructured included CAT this single cash
This event. exhausts dedicated occurrence protection XX-year at model in X the
of We additional cover, protection protection excess XXX-year from have provides CAT our the event. in X that global in
purchased annual attaches XX loss expected also for losses aggregate year is of XX% Additionally, protection, from we America, international model in at which with coming approximately Japan. event outside the of North X
in events industry billion at profitable very the strong. And With Japan average the adjusted still $X between stand year Overall, result, of from its typhoon loss as with XX%, early days approximately accident improved of is it and $X historical respect Faxai. an a to broad has CAT modeling been are prospects Japan, range billion. ratio a and recent for firm business loss from profitability estimates
two be quarter fourth industry will storms of CAT years. billion. XXXX. events event, $X been to tropical put AIR's Four largest to recent $XX the there tropical Japan storm last XX XX-years. two the sizable billion a Hagibis, activity perspective, XXXX insured XXXX To years be since last occurred estimate for is which at and loss from the with catastrophic designated have in also the expected in currently losses the Typhoon early in
However, size aggregate and due annual these industry protection. is the expected loss the of reinsurance CAT retained irrespective the losses, to both maximum eventual International limited occurrence of the net AIG's of benefit
arising net CAT loss and current our our more reinstatement $XX on Validus premium International, estimation at from than of estimated before no this in excluding event is year-to-date million. Based losses approximately Re,
have including $XX is We our premiums against before to the additional fourth taking protect any into significant now And reinstatement account, quarter for one place business, CAT of retention further Hagibis on covers year. our maximum international million any remainder activity Japan. loss additional the in in
place. in we to respect aggregate Re, With Validus have retro an
net Given the wide range of it's loss a model Hagibis. early too CAT estimates, estimate provide loss from typhoon to
aggregate However, another expect attach XXX we CAT retro the million to with in losses.
to and often, in reduce as leader. businesses business few past the Lexington a recognize I've I've the of we're mentioned work a that powerful highlight year our another is reposition AIG calls, like of and past risk, worthy As but the turnaround to the over done establish that in I I'd magnitude market doing exemplify update. this portfolio
submission limit by were volume successful in and by diversifying reducing total the in quarter, improving in the Casualty, In rates third further XX%. while XX% middle XX% increased we market and
Property, of on end increased XX%, excess reduced at XX% In year-to-date proportion of and XXXX a XXXX limits while overall submission to XX% total our the increase volume we XX% policies from basis. by
In addition, achieve we particularly continue XX%, increased global of recent deductibles increases XX%, due continued third we to and rate which the terms expect and quarter improve CAT by renewal to to will conditions activity. increase
meaningful increases. by $XX achieve continue and of quarter $XX we Turning increase XX% to retail reduce total to North year-to-date. limits gross to exposure billion the or classes, third certain billion and reduce or XX% and We over aggregates deductibles America rate over property,
increased the improving deductibles year-to-date. and reducing These in XX% underwriting by cat reducing and XX% significantly loss attritional are quarter actions exposure Average exposure. significant volatility,
drive Multi-year of approximately of XX% of agreements in represented as end trend we'll the during the And approximately portfolio third we momentum XXXX. retail reunderwriting the the will end the of lower portfolio will quarter. at our agreements These XXXX property be efforts. by XX% additional
accelerate we of underwriting in third rate was as the rate rate America impact you XXs yielded property long-term increases exclude increases and quarter, high portfolio agreements. mid prevalent. was increases teen The the pullback saw broader In achieved market when more retail and North capacity, discipline there
to expect XXXX. see of rate to and to increases the through then the remainder continue We year
and commercial by layers high and exceeding we led XX% In financial D&O XX% policies lines compared time, greater commercial quarter, At exceeding over challenge with segments, public to North we accelerated increases XX%. D&O the across the lead by million second achieve in of we quarter reduce America, we rate D&O remediation a same in primary aggregate D&O. over commercial primary limits than the increases XX% XX limits reduction reduced in XX%
our portfolio represents and While such gross X global reunderwrite attractive billion accident focused opportunities we're product will footprint. up growth health. written premiums we've done and significant also one of products and engine global our best trends A&H well with to work growth strong profitable creams a more performing in A&H is and investing than global on businesses. We because demand of believe match demographic be A&H and future our offerings as for
comment to Now briefly overall I'd broader the environment and some rate observations. on like market
high in meaningful Validus improvement quarter continue We to third over The and in the see the in throughout a level rate the rate lines insurance the accelerated that low increases across excluding quarter the is for In at improvement board trend overall highest third to rate Glatfelter decade. some year. been was single double-digits. a has general
across North with a the on second quarter. average in the rate America quarter. to single-digits the geographies, all increasing commercial low low second to double-digits increase in rates the International compared rates increased in high commercial mid single-digit consistent
seeing to the America rate mid international in increases energy the Outside excess improvement specific improvements I in over UK, North approximately and in low in of earlier businesses XX and and meaningful admitted accelerate marine energy. in D&O points were XX% highlighted in in XX range improvement driven points increases rate casualty double-digit continue by the
unique well primary are position landscape. market cost inflation, increases the addressing lead commercial across insurance loss as trend our by being as These as driven proactively a
a to on the and growing and noted we risks continue landscape and while areas be continue they as evolve. we've this for due focus to toward We As monitor trends recognize of changing respond prior key us. ago environment inflation to social loss calls, trend
on want related to litigation which touch opioids, reports about concerning developments by filed against settlement news recent been has to local governments activity, and retailers. primarily state manufacturers, and I Given distributors,
appropriately the While to address complicated closely it's litigation, continue or as risks these insurance predict the the we've early we to that these been so quantify all very can they may too of apply, or developments tracking outcome evolve. that
the on Lloyd’s the high an noted, Brian to announced network plan innovative recently syndicate portfolio. launch As focused we U.S.
structure first We XXXX. engine starting specialist of single XXXX support of and to expect be ever is expected will Lloyd's to up premium long-term syndicate, new partners new to the and exist. attract The and new flexibility increased us diverse us growth this in provides largest $X efficiency, billion. business opportunities to Lloyd’s and quarter support unique with where capital enables renewing syndicate capital profitable syndicate
Before make turning AIG on Kevin, to XXX. the comments few call over to I'd like a
a underwriting and a architecture, our which achieve to that AIG developing is focusing company. XXX to and AIG reposition best-in-class all noted, We're designed be operations as well deliver will scale simplification. infrastructure our effort performing to on value transformational data as operations, Brian that As multi-year programs new involve as top of change global to
primary experience continuous AIG XXX purpose commitment AIG over reduced a fortify the partners, a not While time, as the base for and pleased reflects committed expect colleagues. from across clients, expense distribution with of cutting, shaping XXX AIG. more are We're our we to level competitive our achieve do importantly, is who very and colleagues operational of policyholders cost better and to much high future company excellence position. pursue we improvement to engagement our the
the call to Now, I'll Kevin. turn over
