morning, everyone. Good Thank you, Jack.
$X.XX after-tax per third the operating For was share. or $XX.X million quarter, income
ratio combined was inflation, a supply the pressures, chain XXX% impact Our expected than of higher reflecting catastrophes. and
are you combined of their from the than expected industry as impacted points Ian taking or and our earned experience. losses loss better drivers going we're XX.X%. included of the $XX X.X likely ratio business outcomes. walk I'm through Catastrophe in million was to the quarter premium, the what catastrophes, of and million $XX well actions Hurricane as key net Excluding the
Hurricane diversification the in of management our exposure CAT book relatively we executed property that was in Ian Florida years. the largely modest from underscores initiatives commercial and portfolio isolated loss Our prior experience lines which to effectiveness
direct Catastrophe premium primarily catastrophe the than country-wide mid-West. Our hail risk the in losses wind premiums. totaling written were Lines of during Florida quarter less X.X% Personal and events to in our is in related negligible,
and Our included the continues anticipate reserve year result quarter to $X Lines. liability vigilantly team We third our social monitor coverages development million to prior of by such as favorable environment. driven Specialty in fully litigation reemerge primarily in inflation the
inflation wage that lines. tail we and prudently around where continue the set headlines in the some to believe medical longer reserves as We caution utmost macroeconomic of
XX.X%, X.X points ratio reduced year quarter and quarter of expense of third by incentive leverage growth for primarily improvement prior driven the XXXX Our the was from an costs.
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properties the of adjustments, abhorred and comments, loss this underwriting are changes. Consistent activity commercial were and targeted of value earlier reduced to Some including actions pricing, with a taking large through but we occupancy reflects we an some losses insurance some inexperienced believe Jack's recent portion changes with environmental workforce.
an was of First, third with commercial core up we second XX.X% of increases to pricing, respect pricing price achieve an quarter, quarter with the the X.X% Underlying with in renewal XX%. property XXXX. consistent rate
exposure in light believe at states property state-wide the we upped market. to We supported using by added increases Through the to-date we're to in the We the which in broader many environmental increases same expect seek next of in adjustments, risks. further and of adjustments automatic value rate exposure are XX lack will continuing substantial market certain increases months. over time be the capacity insurance renewal three various additional risk premiums million an to property add to complement to specific and X we've already challenges million
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approximately year-to-date. very of the in a combined We underscored ratio pleased XX% profitability by and the Specialty, are with for current quarter
catastrophes X.X our is quarter the auto Turning delivered expectations catastrophes combined XX.X%, to auto business exiting above accident property which were our a XX.X%. driven change current inflation of excluding assumptions ratio Personal by The Personal Lines. is lines primarily a ratio coverages. loss points It excluding on in updated for year our QX. on based assumptions
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assumptions lower in third in year. in lowered we all current the Similar quarter three of to for flows our Additionally, cash subrogation attributed many previously recoverable the we subrogation others, turnover and to quarters payments delay staffing.
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the Northeast states are markets Michigan, profitable. most Massachusetts, including largest and most Our
be of upper states recent XX in rate digit in our that months. are to increases appropriate six for these will and single reflected next Our book business the
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for a also auto driver is pricing critical business our New plan.
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expected rest in year, pressures we we our of the expectation. severity XX% for plus the quarter inflationary certainly observed well-above the increased in paid was While third the increase
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quarter this original was third public on investment income cash new portfolio. the multiples balance of million equity to a despite and and Partnership markets spreads and higher-than-planned in up strength this the of the $XX in partnership discussion sequentially year one in money sheet moving a yields expectations sizeable assets. Now, with our $X.X investment quarter, QX was the of year million in due Net for income flows. our to line of of the monetization wider lower credit increased
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million has typically planned rate the the portfolio. income quality. to allowed portfolio to losses an after-tax portfolio attractive driven of yields due Looking of interest responsibilities overly to value certain temporary interest cash of us the hold reflect sell external flows The a fixed securities income to with manager. market fixed maturity and portfolio movements therefore in invest management The also subset evaluations, a in the increase an concerned rates we we investment higher in transfer of a are market intent at fixed of at small not and to quarter charge on $XX.X securities non-operating of at results income
with not positioning. In allocation made remain terms our our of our long-term have very internally to managed we and changes comfortable portfolio, material
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rising We continue choices given ongoing balanced and of making risk to economic volatility. take approach market prudent a slowdown
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guidance. to Turning
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margins are on focused we to underwriting targets ROE on As open of for and increased target that, to ahead, questions. the we shareholders. With we'll look deliver line our long-term restoring to now Operator? our operating our value laser also
