Good morning, ladies and gentlemen, and welcome to SiriusPoint Limited Third Quarter '22 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. Now I'd like to turn the call over to Ms. Clare Kerrigan, Head of Investor Relations for SiriusPoint. Please go ahead, ma'am.

Thank you, operator. Welcome to the SiriusPoint Limited Earnings Call for the Third Quarter of 2022. Last night, we issued our earnings press release and financial supplement, which are available on our website, www.siriuspt.com. With me here today are Scott Egan, our Chief Executive Officer; and Steve Yendall, our Chief Financial Officer. Before we begin, I would like to remind you that many of the remarks today will contain forward-looking statements based on current expectations. Actual results may differ materially from those projected as a result of certain risks and uncertainties. Please refer to the earnings press release and the company's other public filings, including the Form 10-K for the period ended December 31, 2021 and Form 10-Q for the period ended September 30, 2022, where you will find risk factors that could cause actual results to differ materially from those forward-looking statements. In addition, management will refer to certain non-GAAP financial measures, which management believes allow for a more complete understanding of the company's financial results. A reconciliation of these non-GAAP measures to the most comparable GAAP measure is presented in the company's earnings press release that is available on our website. At this time, I will turn the call over to Scott.

Thank you, Clare, and good morning, everyone. For those of you who don't know me, I'm Scott Egan, and I joined SiriusPoint as CEO 6 weeks ago. I'd like to begin by saying that I'm pleased to be here and really looking forward to leading SiriusPoint to a higher level of performance in the next stage of its development. I have worked in the insurance industry now for 25 years and have significant leadership experience and expertise in risk and financial management, much of it gained from steering businesses through transformation and growth. Prior to joining SiriusPoint, I served on the Board of FTSE 100 company, Royal Sun Alliance Group, for 6 years, most recently as CEO of their U.K. and International business. And previously, I was their Group Chief Financial Officer. I've also held senior positions at companies including Aviva, Zurich Financial Services, Brit Insurance and Towergate Broking. With that brief introduction and acknowledging that I've only been with the company for 6 weeks, I'd like to share some initial thoughts on SiriusPoint and the work already underway. I'll then turn to our third quarter performance and details of the organizational changes that we announced in our earnings release last night. I believe that SiriusPoint can be a high-performing organization, but the company's recent performance has not been. This is a company that can and should deliver higher levels of performance, and I look forward to building on the progress made since the merger last year. Our aim is, firstly, to stabilize and improve underwriting performance, lower our volatility and shift our business profile to be more heavily weighted towards insurance. Good work has happened in this regard across the entire portfolio, with much of the focus being in reducing our property cat exposure, specifically on decreasing market share…

Thank you, Scott, and good morning, everyone. I too am pleased to be here, and I'm looking forward to working with Scott and the entire SiriusPoint team to deliver profitable growth and stability. As Scott said, I have 25 years' experience in the industry, most recently as Managing Director of Guy Carpenter Canada. Prior to that, I served as CFO and COO at the RSA Canada Group, where I was responsible for setting and driving the company's performance and long-term strategic priorities. I was also a member of RSA Canada Group's Board of Directors and the RSA Insurance Agency Board of Directors. I look forward to meeting you all. Turning to SiriusPoint's Q3 financials. For the third quarter, we generated a net loss of $98 million or $0.61 per diluted share versus a net loss of $48 million or $0.34 per diluted share in the same quarter a year ago. Our annualized return on average common equity in the quarter was negative 20.1%. We had a consolidated underwriting loss of $47 million with a combined ratio of 107.7%, reflecting a $191 million or 40% improvement as compared to the prior year quarter. Core loss was $75 million for the third quarter of 2022, including an underwriting loss of $88 million and a combined ratio of 114.5%, which compares to a $245 million loss and a combined ratio of 150.2% in the third quarter of 2021. Our third quarter results include $115 million of catastrophe losses, net of reinstatement premiums or 18.7 percentage points, of which Hurricane Ian accounts for $80 million, reflecting a $60 billion industry loss estimate. The remainder of catastrophic losses are largely driven by France hail and Asian typhoons. For the Russia-Ukraine conflict and COVID, our reserving approach of recognizing bad news quickly and good news slowly…

Thanks, Steve. I hope, on the call, you get a sense of the level of energy and activity in the company, focused on improving performance. Much has been done, but we are clear there is much still to do. My ambition is high for the organization. We can and should be a high performing company. We are working hard to develop plans to achieve this, and I look forward to sharing these in more detail as part of our full year results presentation. Thank you again for your time this morning, and I'll turn the call back over to the operator.

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.