Good morning, ladies and gentlemen, and welcome to SiriusPoint's First Quarter 2025 Earnings Conference Call. During today's presentation, all parties will be in a listen-only mode. As a reminder, this conference call is being recorded, and a replay is available through 11:59 PM Eastern Time on May 20, 2025. With that, I would like to turn the call over to Liam Blackledge, Investor Relations and Strategy Manager. Please go ahead, sir.

Thank you, operator, and good morning or good afternoon to everyone listening. I welcome you to the SiriusPoint earnings call for the 2025 first quarter results. Last night, we issued our earnings press release, 10-Q, and financial supplement, which are available on our website, www.siriuspt.com. Additionally, a webcast presentation will coincide with today's discussion and is available on our website. Joining me on the call today are Scott Egan, our Chief Executive Officer; and Jim McKinney, our Chief Financial Officer. Before we start, I would like to remind you that today's remarks contain forward-looking statements based on management's current expectations. Actual results may differ. Certain non-GAAP financial measures will also be discussed. Management uses the non-GAAP financial measures in its internal analysis of results and believes that they may be informative to investors in gauging the quality of our financial performance and identifying trends in our results. However, these measures should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. Please refer to Page 2 of our investor presentation for additional information and the company's latest public filings. I will now turn the call over to Scott.

Thanks, Liam, and good morning, good afternoon, everyone. Thanks for joining our first quarter 2025 results call. I'm pleased to share the results of the first quarter, which show that 2025 is off to a strong start for SiriusPoint. We achieved our 10th straight quarter of underwriting profit in spite of the impact from the unprecedented California wildfires, demonstrating the diverse book we have built can deliver target returns on equity across the cycle. We also saw double-digit percentage growth in both our gross and net written premiums, marking our fourth consecutive quarter. The quarter also saw us complete on our $753 million shareholder repurchase agreement with CM Bermuda and participate in the secondary offering from the Loeb Entities, repurchasing and retiring a further 0.5 million shares. Both were accretive for our shareholders. Our return-on-equity of 12.9% was well within our 12% to 15% across the cycle target, benchmarking well against our ambition to deliver consistent and stable earnings that create long-term shareholder value. Our actions in the quarter follow the strong performance momentum from 2024 as we look to continue our ambition to become a best-in-class specialty underwriter. Focusing now on some of the important aspects of the result for the quarter, starting with our strong underwriting performance. We delivered a combined ratio for our core business of 95.4%. This includes a loss of $59 million relating to the California wildfires net of reinstatement premiums, which came in below our previously disclosed estimate of $60 million to $70 million. This had a 10.9-point impact to our combined ratio. Dissecting our underwriting performance further, our expense ratio improved by 1.2 points. Our acquisition cost ratio improved by 1.4 points, and our attritional loss ratio improved by 0.4 points, driving a year-over-year improvement of 3 points, excluding catastrophes and prior year…

Thank you, Scott, and good morning, good afternoon, everyone. Starting with our first quarter results on Slide 13. It was a solid quarter and a good start to the year. We delivered net income of $58 million, a return-on-equity of 12.9% and 12% and 20% year-over-year increases in core gross and net premiums written, respectively. Underwriting income for the quarter was $29 million, inclusive of significant losses from the California wildfires. A higher level of catastrophe losses was partially offset by lower attritional losses and a higher level of net favorable prior year reserve development. Catastrophe losses net of reinstatement premiums were $59 million, all of which relate to the wildfires, compared to no catastrophe losses in the prior year quarter. Excluding catastrophe losses, underwriting income increased by approximately 100% or $43 million, reflecting higher levels of earned premium and an attritional combined ratio that improved 3 points to 90%. This is the 10th consecutive quarter where we have delivered an underwriting profit, demonstrating the diversification of the portfolio built. The underwriting and service capabilities we have built delivered strong year-over-year gross written premium, net written premium, and earned premium growth. Net written premiums increased at a faster pace than gross premiums as we've increased retention of our profitable underwriting portfolio. This strong momentum is expected to continue and result in double-digit net premium growth for fiscal year 2025. Moving to net service fee income, as a result of the deconsolidation of Arcadian in the second quarter of 2024, core MGA revenues and net service fee income reduced slightly year-over-year as our share of Arcadian's profits now flows directly into other revenues on a net basis. Given this, we believe it is helpful to look at our 100% owned A&H consolidated MGA businesses to get a like-for-like comparison. This reveals…

Thank you. This does conclude today's teleconference and webcast. You may disconnect your lines at this time. Thank you for your participation, and have a great day.