Mike, everyone. and morning, good Thanks,
the expenses, As specialty tax exiting Mike quarter. deferred the comment level quarter, of gains in noted, status well I’ll investment as the the on the overall the development and reserve as in charge segment net of taken
everything the this down, we of December, reflect Before Act We’ve the our transition I be and now, rate. the reducing from reduced a provisional required change winds in and the into quarter, our place. net incorporated year get the segment Cuts of to release President as our probably in is Jobs million a shifting now aware will a By my on commercial into to one quarter. XXnd you noticed tax the took by specialty release, everyone the that continuing the rate tax deferred packet investor lines XXXX commentary, signed overall In charge of Standards $XX.X personal Accounting with putting to actual tax business. XX% Tax the corporate as the XX%. focus
GAAP was will continue our at ratio GAAP over Going points. forward, bond dividends added expense full the Year-to-date, with X.X expense XX.X% year the X.X was Mike GAAP by ratio X.XX%, X.X ago XX%. be at expenses, commented items quarter fourth investment muni ratio. quarter to points. as up a the taxed balanceof on at expense up to points Fourth year income
driving had X.X earlier a be expenses point regarding were will This time, At points now expense only our the the about the impact we treated, XXXX. were of ratio year-to-date not expense the in attributable the specialty. unit point. which year segment, underwriting by increase GAAP that and increase impacted we the change. to estimate the all run was the to during about exit specialty would made what course, that We ratio as these off how this spoke factors of First, made X.X X.X increases? we to the specialty GAAP year-end, reminder, change So anticipated by decision
million, to Year-over-year, Next, increased a Mike point. X.X the agent contingent programs spoke by bonus agents. and of decision $X of the adding commissions a agent on transition dollar-basis
we these As disproportionately ratios. impacted the estimates, of the of XXXX point contributed points trued increase quarterly and two expense five quarter the up over fourth year-over-year in it
as costs IT expense continued year, amortization commercial capitalized to ratio. well past points of GAAP and the the lines This technology for of as the Finally, increased X.X platforms. new added costs personalized platform the relates build-out to the of
added quarter, points. this For X.X the
runoff programs costs, as to year-to-date remaining the GAAP written agent overhead in in fourth on GAAP expense XXXX on of of X.X expense a for X.X The costs. and one impacting the our points So X.X underwriting technology fourth added the work ratios, specialty bonus technology two summarize, year-to-date any XXXX negligible added amounts. quarterly treatment overall to pressure specialty we the are due spend To variances and increase will expenses and underwriting and short-term the over point balance associate points The of bonuses was for ratio, the points, increase ratio X.X ratio, expense segment X.X additional had quarter earned-premium bonus point timing not quarter’s the the the while of agent through cost XXXX. contributed to put expense the spend. summarize specialty quarter impact, of these points points
favorable, lines, auto points the unfavorable In GAAP development. saw X.X the favorable the E&S reserves. favorable development and adverse loss in This to to for of quarter, year a points. by on development development, prior year commercial quarter non-cat non-cat of loss liability. loss X.X development the while compares experienced improving driven ratio reported personal Moving combined continued the points X.X more general where reserve by casualty for Prior year favorable we development, we year in XXXX, was
year prior While were was quarter of line almost not which cat of our business. reflected property development, revised most by E&S Irma, losses in driven the for Hurricane estimates fourth entirely
and managed, update to include $XX.X small-cap want did of gains feel fourth realized justified did This an I portfolio was related specialty, I externally to our Before million, quarter sale cost. provide we on our the that mention the not returns the portfolio.
reinvested using those focused and ETFs. small-cap and proceeds have We other investments mutual funds
programs, reflecting XX.X combined net The specialty, The year year XX.X adverse, was lines. working we’ve points to down toward fixed year specialty to and required Prior ratio exit premium November into expense to loss is across lower formally of loss a be ago. written ratio and current overhead quarterly ago, reserve was this written expense loss as reflects premium XXX.X% product yet exiting spread period from from to points, put three ALAE accident we since specialty. previously. and was reevaluated losses. For improved contractually E&S an a quarter-to-date up ratio up only our was due last eliminated. ratio mentioned improvement is was been have quarter lines. non-cat Similar Since ago X.X our Irma results and year a business. cat from new last property year, XX.X points call, the levels The all decision statutory XX% from development runoff I points last The
our line umbrella is casualty liability, environmental liability of In environmental, into E&S up book. transaction rights a renewal excess books. or Our and general announced principally distribution entering mid-January, we the made for
$X staff retained season effective provide cannot but specialty involving underwriting the for we the policies by that non-renewing will the each longer with wind March transactions underwriting be past property the impact the the our estimate of remaining further Earned time, The our for is E&S quarter, bulk is At retain books We’re parties November, of be casualty additional million, will million. XXXX. X, remaining in types E&S non-renewed expect moment $X.X starts. million, to and similar business of Premium and began any no of team discussions throughout will present and at will businesses. best $X the by million E&S by be property have $X we approximately as home-office full runoff. we time estimate follows: runoff details, I final This
premium to write by by $XX QX, we For little XXXX million, negotiated. E&S write premium million estimate finalize these in final being with quarter $XX We subject less quarter be Earned million, transactions have based two is million upon casualty, in could approximately continued on more quarters. to $XX in or as business million. These QX, written are $XX we in the transactions. We premium than and $X change proposed net to closed $XX in million certain factors. estimated be amounts, depending amounts the to
Of move the books completed, to the will course, related is cost as the deal each staff underwriting of acquirers.
just be and $XX net below premium million. any, $X in programs, premium expect quarter $X to is by $X million, Earned XXXX. little, For million estimated million, very written we if
have have I’ll call staff turn associates the We and And Jason. overseeing two with underwriting over that, the who retained runoff. are eliminated to the
