morning good and Kevin Thanks everyone.
As Storm Uri losses along of results Kevin a These operating reported million portfolio. income discussed, quarter. driven investment positive of were with loss the mark-to-market and our $XXX Winter million we primarily in for net $X by
call Now before the detail, I to to in release. enhancements our our your made earnings that I we more attention discuss to results want
with additional to metrics important quarter, format. to in was simplify themes overall the on investors key the provide goal and attention draw Our disclosure
the our will with focus investment including quarter consolidated and and Starting negative and today With our drivers share fixed consolidated on equity comments losses during of of and repurchases common primarily leverage. an items we profit, three these our our on income results, that expense return portfolios. accomplishments continuing reported annualized XX% my our results drove related strategic where to mark-to-market average enhancements
Winter I'll This operating average closed quarter was value which approximately December decline common from was to factors. We Uri. primarily $XXX refer from with million by $X equity or primarily annualized XXXX. as Our driven X% of by book a on the billion, X.X%, which first two return Uri, Storm decreased
quarter the at million second, X.XX. that an share, X.X is for $XXX $XXX previously which an we reflects approximately $XXX mentioned. per net And of price million shares million of I First, for the average average loss repurchased price-to-book
after million an total price In million shares average for quarter XXX,XXX shares And share. an repurchased per of per at $XXX repurchased share. an April $XXX XXrd, repurchase we we have as price X.X year, to shares continued additional $XXX We end. million or average this $XX the of of had at
XX% shareholders. excess related and ratio of of the $XX line With to which of property grew capital attractive We to underwriting of segment underwriting million. opportunity in million segment of results related good growing the other quarter the with the these We net growing related $XXX drivers premiums million a track to reallocate related on or have in I'll and long an a been of million million believe capital now $XXX record shift combined property Uri. million and to of casualty. Uri to significantly $XX our being reported repurchases to losses impact $XXX top $X have property $XXX profit XXX%, our portion overall gross written casualty negative stewards to We and had quarter. three XX a our million that starting our income. with investors' $XXX million with points our of catastrophe,
split was property segment For roughly of premiums specifically, catastrophe growth between property. other equally million $XXX our the gross property and written nearly
of property other impact property about of business. class the property prior property. two-thirds This by ratio in impact XX% the in premiums grew but that catastrophe base quarter. XX grew growth XXX% XX% $XX losses reinstatement plus segment primary or reinstatement by of driven $X XX% a our other property catastrophe written with Most that's larger expansion in from much opportunities property combined a was on our million property are excluding in increase seeing these growth gross in our E&S a XX% premiums Other Uri additional of from a billion. we of by growing premiums in Property $XXX point however, underwriting were period. our Reported million, business. premium in in the of premiums Excluding reflects
however, for year this reminder, the risk accident Uri both catastrophe of and a is exposed other loss property class also a impact XX-point and to As on business. had current ratio combined
attritional about our impact the Uri within Excluding are XX%, running which business. other this property is for of on losses our expectations book,
segment Now to moving on specialty and our results. casualty
the had Except for on casualty report that lines, premiums our to XX% written call, discussed segment favorable no was Uri was disclosed in $X and gross the There last than this year growth in growing successful first renewal combined small casualty significant for ratio of January XX%. the we XX.X%. development impact billion the As at/or events very is we casualty individually of lines. pleased I'm by a and surpassed the above there small all have quarter. prior Other were financial quarter was a amount premium
to This reported casualty our Now finishing up we time losses, which briefly COVID-XX last COVID-XX. the were underwriting year, section, in I first address want primarily the book.
our situation potential represent receive This That developing quarter there losses. was said, a no to all significant changes lines time. is we estimate will and across of current losses. development and our COVID-XX over more segments COVID-XX continue monitor reserves our and to information this We'll best
DaVinci is first and Upsilon Uri. Now and which moving decline by driven $XX driver reduction in of to This in on $XX income, profit to primarily performance our million from fee $XX in a totaled is million the second fees, last down million year. quarter related
we when unwind offset increase profit and reminder can this expect we joint were by partially $XX grow to commissions. ventures. to was fees in performance result they booked the event occurs DaVinci net Vermeer. quarter, over Medici, continue see in was and as losses continue previously fees Management in reported to our a a time by like that the typically non-controlling these Overall, in will significant you driven vehicles negative which interest we quarter. This million. grow As This attributable income
effective DaVinci included own last our which through said capital. million raised $XXX Upsilon, million $XXX X, we quarter, in and Medici I January As capital of
raise, Xst. an to of Xst. Subsequent capital raised quarter first million X to DaVinci we a Medici $XXX As $XXX in XX.X% as stake raise, capital January in our April we and increased million $XX January effective in with part additional this reminder million effective the
As on our XX.X%. capital, declined a slightly in of result Xst ownership Medici new this April percentage to
now to profit, income. Turning of investment third our driver
mark-to-market This Trupanion in to mark-to-market quarter $XXX sharp the improved negative in during million million maturity was primarily of long-term equity X.X%. related related to treasury our specifically to $XX remainder rates investment rising in particularly the the declined investment return of investment equity in our successful portfolio retained million by in mark-to-market to portfolio. on in XX annualized total over in been income longer The resulted rates on the XX% an results our increased The loss dated losses. offset shareholders million. duration has volatility our gains This by due $XXX $XX of fixed years. million Net last The results the fixed and strategic to $XX yield was portfolio. our years, retained internal tremendously in investment million Our interest equity to investment quarter portfolio. generating a our investment. investments interest increase X.X has on the from $XXX related our our in movement losses for maturity in portfolio Trupanion, of has slightly offset More rates maturities. upward $X our at portfolio a portfolio million rate
rapid the in million generating about down we rationalize our last steps took sold in X.X the another about the Trupanion and investment the quarter early -- of million our shares appreciation proceeds of as we $XXX Given shares, our of $XX exposure. X.X April an additional We of of million. XX year sold proceeds of of end additional million. quarter to XXX,XXX Trupanion, Subsequent generating to
aimed capital of a that ESG were to first the of transition before climate manage on an at exchange-traded another identifying provides in investor directly excited million tell $X.XX of and largest investing to you to us, U.S. in April assets sides BlackRock's ETF We proactively to with business. fund the winners launch want We our move low-carbon promoting a the prong participate made is investment Readiness our billion new for resilience. making $XXX world. about in climate risk opportunity Carbon on the we underwriting, with seed ties a fund, This to strategy, a were partners Now I with launch investment, expenses, I the which ever. investment the on total Transition of X it
acquisition was the expenses the Now remained with adjustments Starting by, foreign to increase exchange on and segments driven declined XX%, expense accounting gains. percentage primarily provide by reinstatement to ratio our at which between information purchase there acquisition the ratio flat the additional some last casualty of premiums. noise overall points expense I'll an three property Meanwhile, year's increased acquisition ratio relates This XX%. impact in expenses. on and
a reminder, the run-rate As current XXs. of expected the acquisition in casualty upper our ratio expense is
expectations. So this our quarter was within
operational to expense on The sum operational quarter. XXXX, in pandemic. corporate expenses by of and premiums period ratio is the of to expenses declined basis. the higher quarter the The is travel our expenses to our Our was This is COVID-XX leverage declined our in quarter, acquisition and three in which direct related first XXXX, TMR. percentage absolute in from of expenses expenses prior quarter platform. the an decrease we driven decline one-off expenses earned, continue entertainment first a corporate to operational the and to for by divided in due decrease corporate X% Both reduce of expenses by in as the related the to net related points
in to top our our the support as growth. grow invest continue to we'll line, also Going forward, business we
relates underwriting our our rate impact to as backed foreign The interest. we loss so, with remainder non-controlling of direct expense We run-rate in activities. to on quarter, quarter. exchange to loss Medici a expect ratio relates reported approximately generally and at consistent plan our million proportionately two-thirds be it's through slower the no However, $XX a this bottom-line, to has do out and this
it to pleased We investment this I'll continue we our in were So our of yields portfolio of in and value. leverage turn with back growth, Kevin. with believe, strong growth will contribute potential market. business, this fee in now an our along increased base expense quarter ongoing anticipated And summary, to earnings to underwriting with very that rising shareholder our improving the
