Greetings, and welcome to the Third Point Reinsurance Fourth Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note this conference is being recorded. I will now turn the conference over to your host, Chris Coleman, Chief Financial Officer.

Thank you, operator. Welcome to the Third Point Reinsurance Ltd. earnings call for the fourth quarter of 2019. Last night, we issued an earnings press release and financial supplement which is available on our Web site, www.thirdpointre.bm. Leading today's call will be Dan Malloy, Chief Executive Officer. Before I turn the call over to Dan, 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 where you will find factors that could cause actual results to differ materially from these forward-looking statements. In addition, management will refer to certain non-GAAP measures which management believes allow for a more complete understanding of the company's financial results. A reconciliation of these measures to the most comparable GAAP measure is presented in the company's earnings press release. At this time, I will turn the call over to Dan Malloy.

Thank you, Chris. Good morning. I’m glad you can join our fourth quarter 2019 earnings call. Today, I will provide the highlights of our financial results, followed by an update on the transition of our business model to a specialty reinsurer and conclude with a discussion of market conditions. Following my talk, Daniel Loeb, CEO of Third Point LLC will speak to our investment performance and Chris will cover our financial results in more detail. We will then open the call for your questions. To start, we are very pleased with our results for the fourth quarter and full year 2019. For the 2019 fourth quarter, we generated net income of $30 million and our return on equity was 2.1%, bringing our full year net income to $201 million and return on equity to 16.7%. Our diluted book value per share at the end of the fourth quarter was $15.04, representing a growth of 15.9% since year-end 2018. Our combined ratio for the fourth quarter was 104.8%, which included property catastrophe losses of $16 million or 8.2 percentage points. We reported a small benefit from favorable reserve development in the quarter, and the fourth quarter of 2019 is now our 14th quarter in a row with no prior year adverse reserve development. Our full year 2019 combined ratio was 103.2%, an improvement of almost 4 points from last year. We are encouraged by these results and the evolution of our business model, and 2019 was an important year of transition. Our new underwriting initiatives continue to benefit results and we remain on track to deliver underwriting profitability in 2020. Over time, our goal is to deliver a combined ratio in the mid-90s as we work to deliver value from both sides of our balance sheet by taking a prudent mix…

Thank you, Dan, and good morning. Third Point Enhanced LP, the Third Point Reinsurance investment portfolio actively managed by Third Point LLC was up 5.1% for the fourth quarter of 2019, net of fees and expenses bringing 2019 returns to 22.9%. When combined with the company's fixed income portfolio, consolidated investment results for the quarter were up 2.4% bringing the full year return to 12.8%. In 2019, Third Point reoriented its investment strategy with an enhanced focus on portfolio construction. We reduced net and increased gross equity exposure through thoughtful trade construction in activist positions and by increasing both individual short and portfolio hedges to dampen volatility and amplify idiosyncratic returns. Efforts to optimize portfolio management lead to more alpha generation and less market exposure. We also focused on our core strengths, including activist investing and acquiring stakes in high-quality companies during significant market selloffs. Activism, which is now over 50% of equity exposure, has been a source of outsize returns for Third Point since 2011 and has become a more valuable strategy in a changing market environment. In 2019, the firm allocated additional internal resources to sourcing and implementing activist ideas and increased exposure to the highest level in the firm's history. We initiated three new activist investments in 2019, specifically Sony, EssilorLuxottica and Prudential. The top five performers for the year were Sony Corp., Baxter, Campbell Soup, United Technologies and Nestlé were all activist positions, and collectively the activism portfolio accounted for over half or 24.5% of Third Point Enhanced total gross long equity returns of 41.9% for the year. Within equities, strength on the long side was partially offset by losses in the short portfolio. Shorting was challenging in 2019, given a sharp rise of the stock market. [Indiscernible] in the fall reversed alpha generated earlier in…

Thanks, Daniel. For the fourth quarter, we generated net income of $30 million or $0.32 per diluted share. Our year-to-date net income was $201 million or $2.16 per diluted share. These amounts translate into a return on beginning equity for the quarter of 2.1% and 16.7% for the year. We generated a $10 million net underwriting loss for the fourth quarter and our combined ratio was 104.8% compared to 111.6% in the prior year fourth quarter. After adjusting for the impact of favorable prior year reserve development and CAT losses, our combined ratio for the quarter was 97.2% compared to 98.4% in Q3, and 101.2% in Q2 which demonstrates the continued improvement in our core underwriting results as the shift in our underwriting strategy and business mix today’s higher margin business is reflecting in our reported results. As we head into 2020, we would expect to report underwriting profitability in the first quarter of 2020 subject to catastrophe losses exceeding expectations. As our underwriting strategy shifts, we expect underwriting to become a meaningful contributor to overall returns more in line with our peers. As Dan Malloy mentioned earlier, we believe this will drive a more balanced return contribution from underwriting and investment activities which we believe will make our business model more attractive to investors and ultimately improve our valuation. Our gross premiums written for the fourth quarter was $134 million, which compares to $120 million in the prior year quarter. The increase in gross premiums written was primarily due to $86 million of new premium written in the quarter, partially offset by the net impact of contract extensions, cancellations and contracts renewed with no comparable premium in the current quarter. Gross premiums written for 2019 was $632 million compared to $578 million for the prior year, an increase of…

Thank you. [Operator Instructions]. : :

There are no questions at this time. I will now turn the call back over to management for any closing remarks.

Thank you for listening in to the fourth quarter call. We look forward to talking to you next quarter.

This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation. Have a great day.