good Thank everyone. you, Claude, and morning,
Ambac $XX our of diluted recorded share of net prior our income a adjusted share $X.XX million first quarter XXXX, For the new earnings quarter, to $X in XXXX. going compared diluted Adjusted net net per earnings non-GAAP of income, the loss replacing $X.XX is of or beginning quarter per or million first metric, this forward. metric
is of net of more first XXXX. share operating $XX For to per report. core an XXXX, reflective of our to million our diluted the We loss had per of comparable first income industry $X.XX quarter performance adjusted believe peers $X.XX million or we net quarter in of compared income adjusted the and or adjusted share how diluted $XX more net P&C
earnings a find release, to supplement presentation. can net in operating income reconciliation a You our and investor table with
decrease several was $XX of The items. net income driven million XXXX to for first the XXXX quarter in by of first quarter the compared
derivatives gains. $XX a in decrease million Firstly,
Secondly, a $XX million $XX entity realized income. a variable gains. interest decrease And in thirdly, in million investment decrease
income, adjusted change The excluding change for million quarter gains. of driven business quarter growth the decrease income, These the earnings, $XX compared first a the over in the realized offset interest our million all strong a to to million factors relate in impact the $XX continued first segments. XXXX, guarantee same income to the financial of expense business net in investment net to of the in more decrease $XX legacy increase a as the and and compared period, net of than was by quarter investment decrease XXXX, in similar in first to drivers XXXX new
translated were quarter, about in were million the the up the business quarter, $XX premiums retained. gross XXX% up it premium and $X.X first nearly respectively. which of million of XX% of net which and XX%, written premiums of production $X Everspan's to of generated six-fold, program and compared and Everspan earned million respectively, both quarter $X or growing XXXX. million, in Gross first fees to
in quarter the legacy loss for first less Everspan's and earned exceeded first on less in experienced it the a the in XXXX. profitability XXXX $X pretax of of than the the third Everspan's guarantee time to income of improved EBITDA that premiums them to loss a of than first business quarter and ‘XX. million, financial path placing a from
placed and XXXX organic to Premiums first growth and in Distribution benefiting acquisitions rights up of compared Xchange. the from both a All at Insurance percentage were to Trans placed. our million and renewal Capacity Marine, revenues distribution acquisition, the XX%, ‘XX come of acquisitions. premiums the the May Cirrata, business XXXX, earned quarter Insurance continues EBU as the commissions of from organically segment grow quarter also $XX of November via
first Total revenues up Distribution first produced Insurance segment in the $XX from XX% the quarter $X.X EBITDA were from XXXX. for the of quarter, million prior the million, for produced period. of million $X.X up the quarter
and attributed XX.X%, of margin which the Insurance XX.X% new quarter, an last largely from EBITDA Distribution acquisitions produced business is year, had segment investments. slightly For down to
margin, the worth segment's Regarding there EBITDA noting. aspects a of are couple
with segment is expect the currently first largest. We'd being the this become time. muted more First, over seasonality seasonal highly quarter the
we a more opposed is The be total reduced collateral practice. using commissions aligned this revenues the this as net that report is by Second, from previous industry materials margin made margin in to how levels. change quarter, we EBITDA effect to our to with of
is business. net running a metric Nevertheless, underlying business. the not commissions, reporting still to in valuable this of change a consider the any economics However, EBITDA and change the by we driven in
XXXX. from in and securities, Consolidated a in the all income, investment contributed Alternative loss, the recoveries, which investments $XX $XX investment trading $X quarter improved to gain rates, last up compared mostly Rico to a income million, for was the Puerto to interest first first results. as classified of quarter significant higher which improvement year, million, from million rose
in rebalance liquidity continue appetite. interest evolving higher risk We and rates of to light portfolio and our the
followed in the the approximately for quarter by an million, at of the Capital sale million securities income average course yield quarter, to first alternative of $XX fixed XXXX, an $XX reduced X.X%. during of approximate XXXX. was investments deployed allocations which over reduction and we For available
the structured development AUK a finance partially of finance improvement. The More million loss $XX insured these loss discount for XXXX, the result portfolios structured public expenses The favorable both Legacy portfolio rates the was million adjustment the losses. quarter as $XX in this and of lower a accounted of million quarter. Financial lower quarter portfolio. million and $X $XX finance by a first XXXX, of of million Guarantee the specifically, Loss in to rates offset first discount the in compared generated in were $XX of impact segment
are reserves update the growth a every in of quarter. for impact for loss rates the we in financial remaining view discount reminder, not of of in risk accounted the portfolio. is quarter, insured The our business. Everspan reserves with these changes a line $X million the of losses guarantee to As required in reflection
for the derivative The quarter, Net quarter compared in compared decrease contracts first losses was a on to loss of to million a for gain XXXX. first quarter's million of first this sharp related XXXX. the rates, was net of quarter increase to interest $XX majority a the in $X
continued to the During the generally reduce the quarter, exposure the sensitivity with we hedging. we are line macro of in hedge,
and the the and and consolidation financial in Marine, headcount million lower the expenses million other $XX The for other than our was costs business. up legacy These headcount from Trans All increase of to expenses and in associated of increase operating growth Capacity of defensive General business. $XX litigation in continued in the costs quarter an expenses XXXX. with growth higher administrative more the expenses the guarantee segments offset first quarter, were AAC, in first due at
$XX the surplus retirement of remaining and principal expense in AAC's million secured note XXXX of year. the interest down in $XXX inclusive notes million, repurchase given and debt XX, last the the XXXX, interest. surplus from the March unpaid senior Interest of and approximately was $XXX quarter debt of AAC's accrued quarter $XX of over first as was first of million, million
quarter. billion at gains $XX Turning offset sale available of more or foreign of XXXX. related slightly net equity March in XX, up for loss than was AUK exchange share Unrealized the balance sheet. XXXX to $X.XX $XX gains to translation on investments the of the from per year-end Shareholders' million, and $XX.XX million
offset per value XXXX. $X.XX year-end positive to down book by ABV was share of attributable the compared rates. or March Ambac's net at slightly billion $X.XX to was effect of share decrease XX, Adjusted partially $XX.XX XXXX foreign loss in per exchange This
subsidiaries standalone investments approximately investments million had $XXX At AFG excluding in a on cash per March share. $X.XX receivables or net XX, XXXX, of and basis
remarks. closing will Claude turn I call brief the to now some back for
