Good morning, ladies and gentlemen, and welcome to SiriusPoint Third Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded, and a replay is available through 11:59 p.m. Eastern Time on November 14, 2025. With that, I'd like to turn the call over to Liam Blackledge, Investor Relations and Strategy Manager. Please go ahead.

Thank you, operator, and good morning or good afternoon to everyone listening. I welcome you to the SiriusPoint Earnings Call for the 2025 third quarter and 9 months results. Last night, we issued our earnings press release, 10-Q and financial supplements, 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 our results of operations 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 and the company's latest public filings with the Securities and Exchange Commission for additional information. I will now turn the call over to Scott.

Thanks, Liam, and good morning, good afternoon, everyone. Thank you for joining our third quarter and 9 months 2025 results call. The third quarter was another successful quarter of delivery for SiriusPoint. A strong underwriting performance, deliberately targeted growth, the announcement of 2 MGA disposals, Insurer, Reinsurer of the Year at the Insurance Insider U.S. owners and an upgrade to positive outlook from S&P, means there is a lot to be pleased about. Our ambition remains the same, keep building on the progress and momentum whilst targeting sustained levels of best-in-class performance. The third quarter was another step along the road on that journey, and we remain completely focused with no room for complacency. In terms of specifics, our core combined ratio of 89.1% delivered an 11% increase in underwriting income versus last year, aided in part by no catastrophe losses in the quarter. We achieved a strong operating return on equity of 17.9%, significantly ahead of our across-the-cycle 12% to 15% target range. More importantly, our year-to-date operating return on equity of 16.1% is still outperforming our range despite the heightened first half losses from the California wildfires and aviation. Therefore, we would not describe the first 9 months as being quiet as, in fact, our catastrophe losses are over $50 million higher than prior year. This puts our 16.1% operating return on equity into context and is an important proof point of the improvement in the quality of our earnings. In addition to our strong financial delivery, the third quarter also saw significant execution on the rationalization of our MGA investments. We announced agreements for the sale of our 100% stake in Armada and our 49% stake in Arcadian for combined total proceeds of $389 million, valuing them together at around 15x EBITDA. Upon closure of these deals,…

Thank you, Scott. Turning to our third quarter results on Slide 16. In the third quarter and for the first 9 months of the year, we delivered excellent financial results on a consolidated basis and in each of our segments. Our diverse portfolio continues to showcase profitable premium growth with low volatility and highly attractive lines of business. At 89.1%, the core combined ratio is strong and broadly in line with the previous year. The combination of higher premiums, a strong core attritional loss ratio, lower expense ratio and no catastrophe losses produced core underwriting income of $70 million. This is an 11% increase from the third quarter of 2024 and our 12th consecutive quarter of positive income. These items are a testament to the team's strong execution, disciplined underwriting and focused capital management. Moving to net service fee income. We benefited from a 22% increase in year-over-year service revenues as well as net service fee income increasing 47% to $10 million. The investment result is $73 million. It includes the full impact of the actions taken during the first quarter to support our repurchase activities. Net investment income continues to benefit from a supportive yield environment, and we remain on track with our full year guidance of net interest income between $265 million and $275 million. Operating net income is $85 million. This excludes nonrecurring items such as foreign exchange losses. On a per share basis, this increased by 41% to $0.72. We previously referred to this metric as underlying net income, but have renamed it this quarter to better reflect the nature of this metric as the business moves past its repositioning history. Net income for the quarter was $87 million, a strong year-over-year improvement from $5 million last year. In summary, our third quarter results demonstrate our…

[Operator Instructions] Our first question comes from the line of Michael Phillips with Oppenheimer & Company.

First of all, congrats on the quarter, and I appreciate the slide -- the new slide, Slide 13, is nice to see. I'm so glad you guys added that. Question on, I guess, insurance and kind of to Jim's last couple of comments on the attritional loss ratio improvements. You've taken it nicely down from mid-60s to now teasing 60, low 60s. And I assume part of that -- a good part of that is because of the mix shift in the company in that segment. I guess, so as we think about continued probably mix shift A&H, Surety and different things that you're really growing in and think about that line item for the attritional accident year loss ratio, it seems like are we teasing to get below 60% as we look forward is the question.

Michael, thanks very much for the question, and thanks for your comments at the beginning as well. Jim, you can jump in a second as well. Look, I think, Michael, the way I think about it is, obviously, we've done a lot of the hard work over the past few years, which was really reshaping the portfolio. Obviously, because of the profile of our distribution, sometimes when we win a new MGA relationship, that can see things sort of move. But I wouldn't expect any material movements, if I'm honest with you, as we sort of look out and over. Our ambition is always to reduce it, obviously, all of our ratios. But obviously, we have to take into account the environment as well. So I would say, look, it's more sort of now, Michael, to be honest, rather than sort of incremental moves. But obviously, if that mix shift changes because we are making decisions or because we win sort of new relationships, then obviously, we'll be very clear in our guidance. But Jim, do you want to add anything beyond what I've said?

No, I think that's well said. I think at this stage, we're likely -- it's a mix shift element. What would be clear is our targets from an ROE perspective and our commitment that we're earning appropriate returns on the deployment of capital. And so I would think about us continuing to optimize and to grow that as the real focus point.

And Michael, I'd just come back to that as well because one of the things, for example, in something like reinsurance as we look into some of the more structured products, if that mix shift changes, obviously, you can be quite a shift in terms of sort of loss ratio, acquisition cost, et cetera. But look, for us, we'll go after where we think there's the most value. If we pull back in certain areas, we'll be very clear on what and why, but always with good first principle, which is number one, underwriting principle. And I think Jim captured it perfectly for me, which is, look, we think of it holistically in ROE and don't just sort of pull one particular lever, and we can sometimes see value in different areas, which obviously would shift between acquisition cost and loss ratio. And obviously, OUE, much smaller number. But ultimately, we've made great progress in that over the last few years. So look, we'll be as transparent as we possibly can be. And look, hopefully, the slides helped a bit as well, and thank you for your comments in that regard.

I guess given the pretty significant jump in insurance growth this quarter, I know last year is when I think you took out $90-some million. So I know we're apples-to-apples from this year to last year. But just help us think about how we can, I guess, model the premium growth going forward. Was there any anomalies in this quarter in either A&H or Surety that kind of led to the pretty significant growth this quarter?

Not anomalies. I definitely wouldn't describe them as that, Michael. I mean what can happen, obviously, is we can win new relationships. And obviously, that can impact it. Obviously, we've tried to be clear over the last few quarters, I hope, where we can say we've been sort of leaning into. So I think you can see the difference between our gross growth and our net written growth. And obviously, there's a linkage to the earned premium, which is still to come, which I think is the point that Jim often makes. So look, I think what you could expect subject to market conditions, profitability and a few other assumptions is our ambition is to make sure that we seize the relationships that we bought in, in the 1- to 2-year segment on the pie chart. But obviously, that will be subject to us being satisfied with the sort of underwriting performance and obviously, market conditions, but I think that's effectively what we would be looking into. There's not really any anomalies per se. But Jim, do you want to add anything?

Yes. I would just say, Michael, maybe just thinking a little bit about trends, as Scott indicated, no anomalies from a quarter perspective or in a year-over-year that you'd take a look at. It's been a pipeline that has been growing and the strength of our relationships have been growing that have enabled what we've seen from a quarter growth perspective. I would highlight, and we tried to call this out, when I think about what growth might be, for example, in the fourth quarter, we're thinking that it will be much closer to what we experienced maybe year-to-date, recognizing that the fourth quarter tends to be or sometimes is a little bit slower than maybe kind of what your first quarter or some of the other quarters might be from just an overall kind of seasonality perspective and just where we see policies being written.

And that comment was more on insurance, correct, just to be clear.

Yes, it was.

[Operator Instructions] We'll pause a moment to allow for any other questions. Mr. Blackledge, there are no other questions at this time. I'll turn the floor back to you for final comments.

Thank you, everyone, for joining us today. If you have any follow-up questions, we will be around to take the call, or you can e-mail us on investor.relations@siriuspt.com. Thank you for your ongoing support, and I hope you enjoy the remainder of your day. I will now turn it back over to the operator to wrap up the call.

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.