morning of had insights and of Thanks and summary, key Kevin, on my and higher we earned quarter additional there comments focus also results drivers past our portfolio XXXX management. for I'll I you or the our catastrophe and diluted strong good today In some several a We per quarter continued standing give of efficiency. will the into drivers second top events, quarter, our growth investment income reported over this consolidated everyone. common the targeted capital performance with performance. $XXX from development $X.XX share. premiums operating were line the from including net year net favorable Starting prior million the financial
losses $X.XX on or income million of $XXX was share was excludes combined million per income the and investments. operating the reported a which Underwriting million $XX Our and diluted XX.X%. realized for of unrealized quarter common ratio $XXX net
financial million. results the the drove quarter an an grew gross to of performance for quarter. XX.X% the XX.X%, annualized quarter all-in-all, XX% operating Our of annualized for These premiums very $XXX a ROE and written in ROE strong
our operational our more I with to minor discussed moving call we this which corporate before in allocation the operational improvements the We expenses flat the expect quarters expense to you on the line about at the as increase methodology business. to relatively during to from to opportunities as million the period. well the we some certain expenses how in our we our by XX% to changes compared our peers segments treat quarter to the again shifted net the last such operational earned beginning wanted expenses premiums $XX you as continue expenses with be of made corporate to where company allocations should in continued efficiency expenses. This before But public adjustments improve coming as operational year in realignment in previous the made the highlight at modestly for period us, aside, our you Now the efficiency. we segments year allocations to current given sum same of invest the operational we we quarter while keeping same increase in and on expenses
However, expense should ratio grow overtime earned to remain relatively declining premium. due stable net to in operating
we a quarter, previously written to due XX%. favorable a in base. grew XX.X% $XXX Gross $XXX premiums Absent third million property increased of XX% reversed our our million, negative ratio off income the quarter or and a of written quarter. compares [ph] where we $XX gross over of the XXXX. were by comparative class booked of In the events, of premiums underwriting the adjustment, in grew on the second comparative we this in of other albeit XX% on about class written development in of our in quarter a second catastrophe but up last XXXX catastrophe property by our out generated moving starting premiums to premiums million over comparative income This and relatively had quarter. of our reported total, the and increase underwriting Now catastrophe to the gross combined gross reinstatement with quarter $XX.X smaller X.X% business property in year. of ratio quarter $XXX property segments the premiums X.X% business In segment business million segment were the this class to of million combined written
acquisition ratio our expense netted expense. we our portion points. by catastrophe acquisition the increase; up against this primarily a was percentage of on are result XXXX segment of deals large a that profit drove event in ceded exhausted factors note first, commissions about our will certain X Two which property You as
earned our factor in have premiums premiums would over reinstatement flat acquisition the The previously. I the net Absent these earned expense a second discussed was the reversal been due roughly quarter. to of comparative reduction ratio factors
is on on spend review the The of on me $XX net of XXXX impact quarter property the class our dive positive result let performed we development million we Now catastrophe this reported catastrophe a a favorable few the of minutes business. deep events.
the around events. While we loss of quarter, we event each large reserves typically dive catastrophe also our perform deep anniversary will review a
Now expected have that lower can assign anniversary and we a ceded increased the a during are with level renewals, of credibility to reported our losses to approach; the ground up losses a June been take approaching we received review than reviewing and these of of with events information first deep benefit we dive, cede. both, begin the In we a the by a up individually loss X bottoms top current we down we begin experiencing.
events down believe best information In about we benchmarks. of to reflect all will our top to a comfortable our greater event We IVNR XXXX on we ceded review more us, to available are and addition, talk of levels later. based appropriately the confirm Kevin the [ph] detail with that compared and our reserves in estimates perform various
opportunities onto casualty, solutions. in quarter. selective result is moving principally Much of casualty the [indiscernible] due general written of customer differentiated XXXX to strategies close lines growth second of the over segment; growth our this of XX% increase other a up to within Now comparative quarter gross our This specialty, financial business and was were the from premiums our business.
written the proportional deals of it contract reported is over of several as is the premium earned our current This financial majority the mix to shift The contracts is and is we treaties period. earned Generally, business segment is and written impacts excess large a in business the treaties. immediately to amount reflected our the important proportional few statements. wrote then earned quarter. proportional the full loss of from excess gross of period pro-rata written of when quarter the it distinction premium we premium contracts write also In non-renewed us. over relative the gross contrast written loss as deals, contract as excessive this large The the in quarter is in resulted increase and premiums a between proportional in premium casualty timing pro-rata which loss in to with and
contracts the While quarter, the influence gross earn in this not written generated will $XX million, grew excessive income loss casualty future a will loss excessive to XX.X% to several just contract to over the shift quarters. premiums segment premium XX%. Absent combined it casualty over premium related out gross comparative quarters, compared of under XX% a of income Overall, of underwriting and the million of ratio combined underwriting and $X quarter. ratio this
continues in book due impacting ratio. over the of XX% around from prior premiums while the trading favorable relatively was our combined the loss ratio as to earned run consistent mid-XX's accident to about flat the the casualty development which accident was segments quarter expectations casualty impart leverage at underwriting decrease performance. casualty year X.X decrease XX% half expense We comparative to this the and Our for line we keeping quarter; is in underwriting both modest continue percentage segment with a in experienced overall. to current with expenses recent of versus years was related grow point XXXX ratio events. improved This catastrophe the net the Positively
million interest the and quarter. Now invested $XX which impact stemming past million short-term was fixed reported of average increase an periods. from in during resulting total annualized investment results results interest total recent net is and $XX from realized benefited losses higher we portfolios. maturity second Included of million in turning We X%. investment the the largely of assets this of increases income rates investment from investments; of of This investment and the quarter net in total rate in $XX return unrealized is net our largely to
our quarter almost the we $XXX by grow For overall portfolio investment million.
that tax saw were position; these see bond $XXX our also balance U.S. of municipal exempt assets million we We virtually all sheet. our supporting
our U.S. versus The relatively maturity years. which last duration Given investment last and less the maturity corporate yields short-term year fixed reduction slightly is securities. fixed municipal flat effective roughly investment June portfolios rate XX on year The portfolios was X.X quarter. previous fixed bonds the at income of other at short-term from than became our maturity of is X% shorter and
There to the traditional secured shortened advisors into; secured floating non-investment managed bank [indiscernible]. securities XX-XX on I senior [ph]. assets senior of basis $XXX through to corporate. bank for senior duration due us a classified about lien are consolidated amount is loans. rewrite are collateralized over between aspect exposure million to yield business split the investment The external further one fixed investments coupon, structure in we insight Our increasing as loans These would grade high to XX% of and our capital with the are provide and rate, about also by of like more first have they investments
is and these believe increased comfortable For our are reasons exposure risk the we incremental any commensurate returns. with with
few Now I want capital management. a spend about to third-party minutes our talking
our joint business this context grow important of such results. increasingly financial to Upsilon are continue the we Fibonacci in ventures and Medici, as As DaVinci,
how their So the the side and only these XXX% stakes we sheet. entities. and represented about in impact investment we Medici but I'd our entities only our are proportion consolidate financials, like these our minority DaVinci; more think to assets specifically, ownership Consequently But to investments investment our to of balance walk percentage. both on our portfolio of impact in their of in you bottom-line hold through
we $XX this $XXX holds our Medici XX% of example, million but bonds by Medici, under for is So classified only exposure. of other investments, impacted million as catastrophe bottom-line of about
our dominimus only billion other has $X.X us. than assets the investment non-agency grade to hand, It's with of more securities. XX% other or It higher, exposure [ph] investment is some grade loans and AA DaVinci's conservative and impact composition of XX% slightly investment entities below mortgage-backed secured bank X% senior discussed. of an exposure to portfolio which of already On is it's below about I
it's be in are or are also duration, not as consolidate Upsilon of their investments short out to balance sheet or about other impact portfolio, pointed consolidate I Upsilon AAA investments quality joint our currently national do in cashed tend those so for however, recorded ventures. short duration. [indiscernible] XX.X% included not super and high reported already own sovern investments other We and on our [ph] ventures We treasuries very We securities. a duration it's on in assets our
to Now management our activities. moving capital on
want point I has out to capital First, approach deployment that our to not changed.
this we have seen of We repurchased view. common took are far reflective because any shares not XXXX opportunities. The quarter in actions thus have attractive many we this
raised third-party we $XXX over million First, capital Madici. Fibonacci Upsilon, of in and
cases billion million. is at desirable renewal grown the $XXX match June of capital about to we In saw As and to efficient FibonacciRe capital, risk in both with Upsilon third-party over $X opportunities major now has X, solutions.
XX over XXXX allow $XXX in liquidity of into our Series issuance XX shares both a low and continuing preference were strategy shares resources shares holding the Series by have to and F grow we XX% this opportunistically the written to outstanding both note summary, win us Series preference that, rate and support lock Next, million additional our I'll and call raised And anticipating. premiums flexibility Kevin we during manage capital E the preference our as rising still callable the long-term. provide I with operating our environment Series yielding opportunities able have preference deployed should more are season. continuing returns our X.XX% fixed capital strategy us leverage, on the and details the and now superior X.XX%. growth our deliver capital segments. quarter, to on shareholders we over XXX of yielding improve rate In we yielding at turn the investment quarter we heading for effectively right [ph]. are with to and million to executing New back to the June million New and also we interest of company gross Series XX, continue C Series we the of shares E the market our C and $XXX to capital And believe shares to F that our and
