Welcome to the James River Group Q1 2021 Earnings Call. My name is John, and I'll be your operator for today's call. [Operator Instructions] Please note, the conference is being recorded. And I will now turn the call over to Sarah Doran, Chief Financial Officer. Sarah, you may begin.

Thank you, John. Good morning, everyone, and welcome to the James River Group First Quarter 2021 Earnings Conference Call. During the call, we will be making forward-looking statements. These statements are based on current beliefs, intentions, expectations and assumptions that are subject to various risks and uncertainties, which may cause actual results to differ materially. For a discussion of such risks and uncertainties, please see the cautionary language regarding forward-looking statements in the earnings release and Risk Factors section of our most recent Form 10-K, Form 10-Qs and other reports and filings we made with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements. I will now turn the call over to Frank D'Orazio, Chief Executive Officer of James River Group. Frank D’Orazio: Welcome to everyone joining us today, and thank you for listening to our prerecorded earnings call for the first quarter of 2021. I'm joined today by our CFO, Sarah Doran, who will cover our financial performance for the quarter. But before I hand it over to Sarah, I'd like to share some commentary with you regarding significant actions we've taken during the quarter. Since joining James River in November of 2020, my primary objectives have been: first, to ensure that the company remains fully focused on the market opportunity we have in front of us, as we continue to strengthen our position as a best-in-class E&S carrier with an expanding fronting and fee income business; and secondly, I've made it my personal goal to be able to eliminate the overhang surrounding our Commercial Auto runoff portfolio. While I intend to share commentary with you in just a few moments about my first objective and the significant accomplishments our underwriting segments have been able to achieve in the first quarter, it's…

Thanks, Frank. Let me highlight a few of the financial points from the quarter. We reported a net loss of $103.5 million for the quarter, and we had a $108.9 million operating loss for the quarter given the reserve charges previously mentioned. As we turn the page on our large Commercial Auto account and runoff, our performance for the quarter on a go-forward basis continues to reflect accelerating renewal rate pricing, attractive growth and prudent reserving for the E&S segment, significant scale and acceleration of fee income growth in the Specialty Admitted segment and meaningful expense savings and scale uplift throughout the organization. Market conditions remain very attractive for our business. Let me highlight a few figures of the profitability and strength of our ongoing franchise. The accident year loss ratio was 64.4% this quarter, slightly down from that of the first quarter of 2020. This is higher than the 63.7% accident year loss ratio we reported for the full year 2020, despite E&S renewal rate increases of 13.7% in 2020 and 14.6% year-to-date. Said a different way, we continue to feel that we are building strength in our largest business and largest block of reserves, core E&S. About 69% of the $684 million of net reserves we have in core E&S is in incurred but not reported reserves. The core block also represents about 45% of the $1.5 billion of the company's full net reserve block. Moving on to expenses. Our group expense ratio decreased to 28.9% this quarter as compared to 34.2% in the first quarter of last year. The absolute dollar amount of operating expenses was down in each of the 4 segments and decreased about 8% or $4.3 million across the group. We have been working over the last 1.5 years to reduce expenses and gain…