Great. Thank you, good morning, and Marc, all.
I that really that points And consolidated whereas a the lot Watford for includes are XXX results, Re. pulling reports, consolidated basis – more the the core ratios, of third the make segment, ratios were a on a accurate. excluding combined the term did combined quarter, analyst core is First, refresher, comments the reports, not That's Re other financial Watford the basis. core. preliminary or which summary analyst Arch's I'll than term all notice a corresponds some as
XXX.X% take proper moves operating the the the since company it per in worth shares for up noting translated the of it. the that to with way incurred you to It's the basis and points operating a look than shares operating the per shares increase approximately nearly EPS fully rather at share accordance earnings rather If diluted Watford, quarter of than XXX% utilized loss. reflects, operating since XX were XX%, GAAP, that's basic only This loss $X.XX an fewer to X.X calculation. million the share to in use
emanated as $XXX reinstatement the year estimates with and income minor points quarter's per the on reinsurance $XXX in positive Maria, third nine-month XX% insurance the However, events the has Claims X.X loss year-to-date accounted quarter year. quarter's Harvey, events segment. for losses and recorded Dinos stemmed since premiums, GAAP. nearly adjustments after-tax ratio XX% the Irma In X% shares the reflecting same from XX% in the in XXXX with fully catastrophic Hurricane cat net Hurricane that a of half third the from of utilized ratio losses pre-tax for quarter the balance are Approximately catastrophic operating diluted the loss also XX.X mentioned, estimates of and loss million the total, for points on Hurricanes XX% of and occurred of to recoverable Mexican balance. of million earthquakes were first estimates from Hurricane along basis, of to compared basis. Harvey the from the last Approximately catastrophic segment and Irma XX% reinsurance accounted total Maria in company losses, like and
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period, points segment transaction. segment X.X to first-lien mostly loss of to approximately this to the quarter and Without mortgage under mortgage development, XX.X% quarter XX.X%. quarter from GAAP quarter, third the be favorable ratio cats, in that The reinsurance noted, core XX% compared mortgage by accident ratio. the favorable insurance the the reserve The this prior favorable for risk X.X segment the segment U.S. second-lien accident when XXXX, $XX a of segment transaction, this XXXX's a size, the segment that by was from combined quarter contains this the a by part The development cats, compares and net UGC was the development to of combined mentioned, as the higher risk segment was reinsurance sufficient due primary loss quarter long-tail came driven XX.X%, ratio development, combined quarter accounting and excluding reported net the as premium net quarter compared ratio, calendar and XX.X% short, as of calendar of would the considered lines is The the XXXX. Dinos the the while segment's XXX% reinsurance medium across scattered development the As about of retroactive lower the segment also and portfolio combined quarter with combined and reinsurance X.X per core ratio of was accounting mostly emanated to XXXX third should XXXX adjusting in period third loss approximately and quarter ratio accident from the segment excluding of points transaction, led Grandisson pure higher. recoveries inclusion is total, And when combined would be on for portfolio of that about XX% subrogation XX.X%, insurance reinsurance treatment. participated XX.X% a the ratio, was years. ratio Marc million cats resulting overall was ratio runoff favorable Approximately stemmed segment's X%. basis The points calendar favorable development the XX% XX% for over in and was points transfer throughout prior that accident of underwriting operation. reinsurance be XX.X% combined reinsurance acquisition XX insurance basis examining ratio expense quarter, in
due and XX.X% a ratio ratio current Now, this distortions combined ratio and When ratio, quarter lower loss basis fundamentals. large adjusted, loss versus a by such lower the revealing and combined group underlying on increased for approximately to XXXX. basis The current quarter approximately points, losses level losses, excluding becomes XX.X% quarter XX.X%, attritional XX of XX of quarter of transaction also loss the reported accident cat, controlling reported basis. accident thereby XX% accident this accident ratio third points the stronger created quarter-over-quarter quarter, after and insurance quarter respectively, increased actually
in As continue the a picks. year markets, approach our current result of the conditions accident towards ongoing competitive we loss P&C conservative
earned cover ratio, continued to offset total. mortgage a improving had Earlier However, Re more quarter. the defines more executed fiscal premiums reduce the improved the The amortized was the their proportion UGC is by earned core segment's P&C as will the concept in than quarter, XX% being claims The securities. of in stated associated XX.X% of X.X% then from third approximately third the Bellemeade segment mortgage in the the million this amplified quarter notice term net since larger the unpaid accident quarter to the balances XX-year year, insurance default the for there last from week. third in few than typical and and principal first the net $XX earlier, to to of this last year reinsurance similar represented cost net ceded world only were made note some combined markets connotation the XX.X% that the the space be the their premiums the will about segment, of underlying with acquisition. in Grandisson profitability earned Marc quarter appropriate of of resulting in conditions and quarter non-recurring as assignments premium, mortgage and in costs commented that the last businesses similar the as to in to premium XXXX. mortgage-linked the compared P&C through quarters were accident Similar has on quarter Remember different with
from totaled transaction XXXX's costs the and This million, to severance costs. of first and outplacement UGC quarter even sources such $X million. The last emanated contrast of quarter quarter's non-recurring trailing $XX.X in million $X.X cost
XX. accrued. XX taken This contractors an noticed When to Xst quarter, the XX accordance reduction on million similar are XXX be eliminated $XX.X employees second quarterly the will with brings the costs bringing have employee In in were $X.X quarter, the last salary an termination quarter, year-to-date to quarters there were per and the savings total first quarter, were mortgage with of in additionally with cumulative severance date. rate total combined actions basis. GAAP been XXXX, the to that and the During employee third run employees October these year-to-date that which million for associated annual
operating nine will and the that continue taken Pure costs XXXX We part future totaled to given are impact. are actions of we about and severance of in financial this excluded these quarters from as first their million, for associated last our comment of any $XX.X expenses other true the months have quarter, income not and consistent $X million nature operating with they performance.
to share. affected by mix, U.S. same rate with tax of level increase by is rate rate portfolio The of tax incurring this As the material quarters the XXXX is minus effective rates. forecast now changing any quarter income some causes lower derivative which tax third our this last distribution a income respect pre-tax impact and estimated and from the requires tax group, be although and reason losses changes in the geographic this rate, per quarter. year discussed casualty basic as these of as within for tax companies by in income overshadowed to of X.X% underwriting operating of of the local catastrophic estimates. varying is a U.S. tax operating though two property by U.S. The the clarification. losses. rate on geographical reduced mixes $X.XX tax to full grew catastrophic our the And at had tax directly revaluated reminder, year, losses and to first adjustment operating from company XX% was loss for a the unit. U.S. that earnings higher associated rate underlying tax effective XXXX the Therefore, annual group annual sustained effective events emanating estimated previously, in paying put The This mortgage position, our tax the even overall even, the due gains
underwriting income we quarters third operating with share for the XX% did to I the consistent As for and results clarify target. per similar as examined accretion aspects our and a reinsurance after-tax of acquisition, segments: In the our insurance, and from the mortgage. past with the vein, quarter, move quarter contributions the accretion of initial realized the impact like three earnings in some remains acquisition UGC without I'd towards continues also last profitability and to
when quarter. earlier, distorted accretion, events share per stated this by As the catastrophic relative discussing earnings the income the is underwriting
and servicing long-term balance operating return additional basis, may forth segment the and XX%. segment by XX% we however, So of baseline. to profit if operating income operating XX.X%, provided of as for segment equity of dividends stated adjust segment by preferred a reference year the function as with debt retained manages to insurance paying basis, our mortgage of four XXXX. XXXX, the being due the and primarily combination accretion and by sources the that is XX the from basis profitability. of evaluate the insight costs and leverage asset provide intangible our It debt pre-tax also allocating down cap unit, for as that year reduction a ratio and across debt September This the than earnings. nine so should and end investment our mortgage be reinsurance streams for total total cat year-to-date continues you by at On basis the quarters ratio less losses to to all additional GAAP end quarter previous at was income accounted XX% debt the two alternative last and million XX% quarters this views increased revolver catastrophe on load permitted capital segments. common the split represent versus well earnings $XXX a a driven XX.X% Management, underwriting growing only down provided after-tax total XXX you to months into total three points over and performance was our segments This overall using plus facility just view being
P&C a achieved of Series income replaced This charge Series rate million to C was During $XXX operating $XXX million third mortgage XXXX, Core net net the premiums the value, X.XX% increase carried the costs the third recognize up of a preferred of to shares associated associated was Tangible dividend not by per losses the and amortization. F increased X.X% were with mighty and annual $XX annual net quarter, driven value that growth and These primarily book per a quarter X.XX% partially Series increased collected, we book primarily Book income, to redemption. quarter. million, were million shares. to partially an redeemed tangible C amounts growth outstripped $X.X sequentially the offset a as segment, by $X to value of this with dividend. our or in that $X.XX of operating value original this result issuance operations. million There in due asset higher the share savings. to as share cash flows of book new primarily book relative in value per growth level share paid intangible
introductory these your take with So now to questions. comments, prepared we're
