everyone. and our excellent good annualized very operating income operating again, on third had momentum This and in equity with million. fees a where of over morning, the row common reflect results income reported $XXX of $XXX return quarter Thanks, of Kevin, net investments, million significant have the for XX%. we contributing profit, we strong a quarter. shareholders all of and average is Once our income underwriting, X These with drivers of each this quarter behind
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XX%. combined solid another and quarter, Casualty a Second, Specialty of reporting ratio had
ago in are we This third, management we XX% record a XXXX, securities. expect to the with continued double up into from to ratio increase steady results. continue and for XXXX. reflects our more strong positioning and year higher $XXX $XX fees attractive fee from combined is market mid-XXs retained finally, investment And We coupon a income capital was QX partner a an the And million. underwriting rotation This rose grow portfolio, net performance under income in into and XX% pleased quarter increased million. than of reflecting the as
of also the our in through well on strategy which Validus am are to we acquisition the announced Kevin fourth mentioned, say and track pleased progressing to close we is quarter. advancing in that we planning May. I are As integration that Re,
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acquisition transaction. great and this work supports is deal the are to very about will with date excited initial people, Our thesis, our great Validus a business strategy. accelerate our we and
per value shareholders' billion share, deal, our be under this just well when at on discussed adjustments of the are $X amortizing premium, the of shareholder of paying years. The We XX equity believe for per will equity accretive PGAAP equity close. will over about return to Validus. amortized costs. drivers X we when unlevered we share integration We're paying this approximately and million each as first and X $XXX we announced a immediately transaction majority of As over as XX% earnings for be in billion excluding XX% $X.X with profit premium book of years,
billion and $X.X X.X also transaction was this This senior per the almost of billion issuance of our capital million of This $X.X net of issuances. in public and notes raised approximately successfully additional about debt from we proceeds funding strong Validus proceeds top million $XXX anticipation through already position. equity included the quarter, shares on XXXX. the common at $XXX due of net share of X.XX% from issuance In
additional of will cost fund issue to transaction the addition, for we the points deal the cash hand. operating on common X AIG we dilutive excess our and the intend average the In of an balance $XXX Until on on returns. this of close, to second million our equity the on shares at by we closing common effect diluted annualized our basis. percentage quarter, have capital raised In a will about capital return with
and is due on the operating we annualized our return In excess this operating points be of QX percentage to to QX, equity about impact basis. Our expect X on on an . XX.X% capital impressive the returns particularly
driver our gross written up with activity delivering both these We our were our was a net now quarter results. segments X% development. up results Overall, total second modest strong ratio premiums XX%. XX% returns were and and profit catastrophe above-average underwriting, of Moving to favorable combined where backdrop written premiums first and against of achieved
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catastrophe Overall, up net recorded the Property premiums QX of catastrophe property XX%. with were segment Due compared XX%. $XX premiums in we Without net catastrophe in net reinstatement up up written XXXX. quarter, premiums for none written XX%, storm reinstatement property premiums U.S. were to almost million the to activity premiums, this property
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to property to earned expect the modestly premiums continue quarter. We decline net in other third
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related million an Turkish series good the Property but second the negative consolidated is our on XX% a the The a reported overall weather been year average. of quarter. the results. negative events net This $XX this of in remaining to in the quarter. result events, activity $XX In earthquake, far a business. cat severe $XX ratio loss loss class negative year, of second current year, million last has catastrophe given So impact QX cat from this of well from of in increased million came above up had impact large including accident net activity events large our net loss About impact quarter,
quarter, combined XX%. delivering property of well ratio performed in a Other the
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ratio to to other book XX% Property property acquisition ratio cost premiums the expect now to an earned percentage by than continue XXs. shift in from The property by year, a points last year. segment. X loss net the lower driven improved property compared acquisition We has be attritional of cost property other low Property primarily XX% the makes ratio last up a catastrophe within and for mix
our reporting portfolio, was deals by a that Net XX% classes ratio. had quarter, we did Moving There another business to where casualty up X%, grew attractive quarter. within areas lot were while a combined similar not of movement of premiums return hurdles. written meet now off as we of last in solid specialty to and coming about our
credit. and we liability specialty Specifically, the expect earned XXXX. up $X Net we reduced remainder was on professional a billion, other for while the continue about amount quarterly and were premiums significantly, to for both of segment similar
development reserve segment and quarter, in flat. Specialty essentially was This the Casualty
in have the been to recent Conversely, the years not as years closely adjusting from we as season. trends We earlier wait our yet scrutinizing in favorable the we'll more appropriate. trends recognized much of have book reserves for
Moving a fee market. Capital record this to and fees ventures where driven $XX million, attractive XX% Partners performance up reached our in into income joint income $XX underwrite now we grow were management fee million business, as our fees. strong to Management to by
Absent $XX We continue million fees quarter. reaching second to up to for from recovered of of million have in losses, about year largely this half about the fees quarter million run the may remainder year Performance the $XX prior $XX the year. slightly quarter. at per these deficits, fees tick to management large expect per
team about as noncontrolling of with reflected net partially $XXX Overall, In income of quarter, third-party joint $XXX of which was mark-to-market million million strategies. losses. million by in was the raised redeemable this Capital interests. our the on Partners bond ventures in amount partners our income, focused we shared cat offset capital $XXX our operating also
investments. Moving now to
to investment X.X%. We our return $XXX to X.X investment retained investment in up and million also income income was reported record net percentage the net million, income was up $XXX quarter. points net Retained
positioning We assets generate associated higher equity with income Validus to investment our to million We in did acquisition. Most growth of net invested coupon very in defensive net the public of the the investment remained investment have from the proactive raise in rotation increased securities portfolio. our last related $XX and debt about the over income relates into year.
million. $XXX quarter, mark-to-market interest This led about rates retained rising of to losses
should higher from equity These additional a our raises, investment coupons, coupled capital income. be tailwind debt with for net and
$XXX in investment our We up per million expect quarter. to are or $XXX share. in will retained unrealized net fixed losses investments income the about Retained now maturity third million about tick $X.XX
to to We expect accrete this over time. par
quarter ratio our briefly expenses with remaining turning in flat. the up increase in expense in The our XX% the investments Now relatively growth. people where reflects operating business support were operating expenses, to to
operating As the expect, you Validus would with expenses will acquisition. increase
the as we anticipate operating the will in transaction. However, relatively time realize down from term, expense flat. we the over should then It holding near ratio tick synergies
Corporate expenses we a corporate in Validus expenses were elevated related million period quarter about of Validus. integrate we with the time temporarily transaction. close, After for elevated the $XX as will be to
in profit. plan we Integration successfully our executed this the from and contributions conclusion, well underway, is with for strong of of And Validus our very and quarter performed each have planning financing X transaction. continued drivers well for we
have demonstrated power of few to superior our returns. deliver platform the the Over we last quarters,
Validus more across believe will drivers profit. of be the couldn't As Kevin? benefits we X excited all to about we forward, that shareholders provide incremental our look we
