Greetings. Welcome to Tiptree's First Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I would now like to turn the conference over to your host, Sandra Bell, Chief Financial Officer. Thank you. You may begin.

Good morning and welcome to our first quarter 2020 earnings call. We are joined today by our Executive Chairman, Michael Barnes; and CEO, Jonathan Ilany. You can find the slides that accompany this review on our investor relations website. Please note that some of our comments today will contain forward-looking statements based on our current view of our business, and actual future results may differ materially. Please see our most recent SEC filings, which identify the principal risks and uncertainties that could affect future performance Before I turn the call over to Michael, just a few additional housekeeping items: Today, we will discuss certain adjusted or non-GAAP financial measures, which are described in more detail in this morning's presentation. Reconciliations of non-GAAP financial measures and other associated disclosures are contained in our SEC filings, the appendix to our presentation; and posted on our website. With that, I will turn the call over to Michael.

Thank you, Sandra. And good morning to everyone. We are entering the second quarter of 2020 at an extraordinary time, as social distancing measures to combat COVID-19 are significantly impacting global economies and financial markets. While financial market volatility and the resulting unrealized mark-to-market losses drove a 15.2% decline in our book value, we believe our underlying business fundamentals and capital base are well positioned to get the company through these uncertain times. Throughout our company, our management teams and all of our employees continue to show remarkable resiliency and remained focused on serving our customers and business partners. Despite the uncertainties surrounding global social distancing measures that began in February and reached the United States in mid-March, we continued to see positive sales growth across our businesses in the first quarter. Operating EBITDA was up 25%, reflecting the solid underlying operating fundamentals of our businesses. In Tiptree Insurance, gross written premiums of $277 million were up 40% over the prior year first quarter, while net written premiums grew 10%. We continued to maintain this growth without compromising our underwriting profitability, as our combined ratio remained consistent with prior quarters at 93%. In January 2020, we acquired Smart AutoCare, which we expect to accelerate our growth in auto warranty as social activity gradually returns to more normal conditions. Our insurance portfolio ended the quarter at $529 million, up 14% year-over-year, in line with our underlying premium growth. While equities and some other investments were impacted by unrealized mark-to-market losses, we believe our capital position remains strong relative to our claims liabilities. We were fortunate that our reduction in corporate credit exposure and increased allocation into agency securities had a positive effect for the quarter. More than 76% of the portfolio is currently held in highly liquid securities with an average…

Thank you, Michael. On Page 4, we have presented the company's key metrics for the first quarter 2020 compared to the prior year period. Net loss before noncontrolling interests for the quarter was $60.6 million, a decrease of $64.9 million over the prior year. The decrease was primarily driven by unrealized losses on our investment in Invesque as well as other equities, reflecting the disruption in global markets as a result of the COVID-19 pandemic. Excluding investment gains and losses, revenues were up 18.7%, driven by improvements in Tiptree Insurance top line results, including the addition of Smart AutoCare. Operating EBITDA for the quarter was $15.8 million, up 25% from the prior year due to growth in insurance operations as well as positive contributions from Tiptree Capital driven primarily by a full quarter of shipping operations with all 5 vessels under management. On the bottom of the page, we show a walk from operating EBITDA to total pretax income, highlighting the key differences between the 2 metrics. Book value per share decreased to $9.73, driven by the net loss mentioned earlier. Despite the decline in book value, we believe that we maintained sufficient capital and liquidity to support our business. At quarter end, cash and cash equivalents were $108.8 million, $84 million of which is held outside the statutory insurance entities. Turning to Page 5, we highlight our capital allocated between Tiptree Insurance and Tiptree Capital, along with their respective returns, to insist -- to assist investors in understanding Tiptree's enterprise value. When considering capital allocation decisions, we look at total capital, which includes corporate debt held at both the holding company and at our insurance subsidiaries. In February, we extended the maturity and upsized our corporate credit facility with a new $125 million 5-year borrowing. We evaluate our return…

Thanks, Sandra. As Tiptree continues to navigate this challenging time, I want to thank our talented group of over 1,000 employees for their disciplined focus on serving our customers and keeping our operations running smoothly. While the economic disruption of the pandemic has impacted our financial performance for this quarter, we believe we are well positioned to weather the current challenges and continue our focus on the long term. With that, we will open the line for questions.

[Operator Instructions] As there are no questions at this time. I would like to turn the call back over to Sandra Bell for any closing remarks.

Thank you, Devin. And thanks, everyone, for joining us today. If you have any questions, please feel free to reach out to me directly. This concludes our conference call.

This concludes today's conference call. You may now disconnect your lines at this time. Thank you for your participation, and have a wonderful day.