and good Kevin, morning, Thanks, everyone.
ways, feels like the Hurricane point many Kevin As industry. said, a for Ian turning in
one looking we are XXXX outperformance be expect comments and away to like positioned markets for There to forward the today. I ourselves I'd in we have in you We want things my years. are what from to best talk to about of take how several
growing First, report and specialty book is in a a casualty continues expectations. ratio our performing on to combined our base. line mid-XXs premium with It
overall forward. will opportunities finally, And and management continues capital investment capitals our significant in has partners net of going confident fees, $XX around the fees, million a our income will to be a million Second, that generator forward. component income and $XX XXXX, to us of are be underwriting quarter advantage take going grow for to are we which business per
our and sheet and XXXX across in anticipate Importantly, property are balance business. of positioned market the advantage uniquely is our attractive cat take of the other strong we to opportunities we lines
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As a reminder, tail. a our longer mortgage has business
premium in the a on Net written can the reflecting earned, underlying $XXX growth premiums for earn expectations up segment million. gross in will in rate the came and to be next over period casualty quarter So premium higher This share our estimated years. above earned the seven in three adjustments, but growth to assume the at and majority basis. years the fully is risk due five to mortgage take of specialty to
our earned and up For the expect about be also fourth revising quarter, estimates net premiums million. $XXX to we're
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book. Southeast property cat E&S business exposed the throughout
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moving Now offset to business, capital in have million $XX a $XX to management capital and fee fees DaVinci, increased, steady source management structured in with where partially provide at Fontana, a reinsurance Medici overall products continuing our of partner fees managed more the income Year-over-year, and in reflecting quarter. million, Vermeer, reduction fees were by Upsilon.
I mentioned, And forward, quarter. quarter. per in fees fees we around with million to case management As $XX third expect performance be weather-related the there were the million finally, large going minimal losses, as large $XX in to
to XXXX. fees second quarter expect start these of recovering We by
loss million, interest. $XXX million, reflected in our operating net was overall Our reduced by redeemable loss $XXX our was as and by non-controlling reduced
of XX Page on financial the this see supplement. can You
is $XXX were through can the of to the non-controlling mark-to-market bonds, retained $XX million million to of predominantly only see we which This Medici, there losses supplement. related quarter, backed Page as you This marks XX financial on and of rest out catastrophe the interest. related
advantage an bring rated property Top DaVinci, to Vermeer in environment platform in capital balance manage $XXX a of through market. Medici. from take over the market-facing the namely capital, a with billion and million Our challenging for and we that $XXX to team Vermeer raising excellent is total partners benefiting we very in capital. $XX third-party quarter, flight The raised providing In opportunities cat $X.X capital quality sheets million, partners, in Layer in million
and where a interest increasing and our has in to market current This been investments and treasury meaningfully future the environment increase while investment is bond income. of tailwind, mark-to-market has a the driving now in market. Rapidity historic. a both rates current losses and Moving created very headwind net rate interest magnitude volatile losses the
in million $X.X U.S. quarter in in drove increases principally losses billion Continued interest $XXX year-to-date, the rates in fixed retained our maturity mark-to-market and portfolio.
that by time rated ways: for first, This we to accretion losses below the choose highly will securities are anticipate these securities, par. Importantly, accrued par these trading for we and to earning be securities mark-to-market back mark-to-market in two in gains through hold.
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We be expect investment will retained further about fourth $XXX quarter anticipate and in the growth net XXXX. in million income
finishing with Now capital.
deploy first our is XX% hit a is times, in U.S. treasuries capital framework worst This opportunities. year, into which to profitable many a Cat down business were our capital preference hurricane XX-year in the excess said I’ve X As and performance century. year-to-date, Florida management
we advantage to XXXX. The is Our investors have opportunities of yes. the to rightly profitable understand answer want capital in if take
strong attractive rated There of wide like us are to things highlight. and and risks. a range access three are Our to would group flexibility I balance sheets give
to combination First, our of and partner customers year next a company this capital as through our will pointed capital, holdings they Kevin committed balance bring the sheets out, level year. prior capital as to rated same did and of
impact that decade. strong which are on are Second, very attractive not strong year-to-date. in best we are across of the fourth I’d point be and And In power it projected long-term market, our creation our strong our maximize liquidity second future planning operating been costliest catastrophe out are finally, to quarter. view reflect a breaking in for Even and has into an our capital position balance ever, the sheets. as in is like the conclusion, our underwriting basis with is earnings believe of Ian, all repurchases very we reserves is inflation. current the even this a as In to we way to shareholders deploying essentially Hurricane value
to to fixed the from Kevin. performance starting investment upside choose accretion investment fee in over we in We will Specialty segment net $XXX with three tightening and across addition are hold. fee seeing underwriting and And in income rate XXXX, significant income back Casualty increased positive midyear. now Property momentum potential finally, million, $XXX benefit be par benefit And conditions, to terms expect to our and with turn increased from be to management million, around drivers of from around profit the to and our call I’ll investments results that, that income maturity and to
