Good morning, ladies and gentlemen, and welcome to the SiriusPoint Limited First Quarter 2022 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. As a reminder this conference is being recorded. I would now like to turn the call over to Ms. Clare Kerrigan, Head of Investor Relations for SiriusPoint. Please go ahead.

Thank you, Operator. Welcome to the SiriusPoint Limited Earnings Call for the first 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 Sid Sankaran, our Chairman and Chief Executive Officer; and David Junius, 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 recent Form 10-K for the period ended December 31, 2021, where you will find risk factors that could cause actual results to differ materially from these forward-looking statements. In addition, management will refer to certain non-GAAP financial measures, which management believe 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 Sid.

Thank you, Clare, and good morning everyone. I'm extremely pleased that the first quarter of 2022 showed positive underwriting progress as we continue to execute on the strategic priorities we laid out one year ago to transform our business. SiriusPoint launched in 2021 with the capital, platform and expertise to address our legacy challenges and unlock the potential that exists in our company. When we launched, we outlined our plans to achieve profitability through a shift in business mix towards insurance products. A significant reduction in exposure to catastrophe risk and a complete re-underwriting of other reinsurance business. Finally on the asset side, we intended a derisking of our investment portfolio. This is the first quarter that meaningfully reflects the hard work that has been undertaken since then. We achieved a consolidated underwriting profit of $34 million for the quarter with a combined ratio of 93.7% and gross premiums written of just over $1 billion. Our results this quarter showed progress with the deliberate shift towards our promising insurance and services segment as our strategic partnerships approach gains traction evidenced by growth and momentum in premium and profitability. We also improved on last quarter's reinsurance segment results as our steps to reduce the risk in our portfolio and ruthlessly execute on our re-underwriting continued. I'm extremely pleased in our progress on both of these fronts. That said, our investment results were disappointing this quarter, driven primarily by losses in the Third Point Enhanced Fund. We continue to execute our investment derisking program in the coming quarter. I'd like to dive a little deeper on our progress. We have remediated, reduced and refined SiriusPoint's underwriting portfolio risk appetite. We executed a loss portfolio transfer to exit legacy runoff business and freed up capital. We announced an agreement for an industry first…

Thanks, Sid. For the first quarter, we generated a net loss of $217 million or $1.36 per diluted share versus net income of $168 million or $1.35 per diluted share in the same quarter a year ago. Our annualized return on average common equity in the quarter was a negative 39.5%. We achieved an underwriting profit of $34 million, with a combined ratio of 93.7%, reflecting a $10 million or 160 basis point improvement quarter-over-quarter, marking the fourth quarter with an underwriting profit out of the five quarters, since we launched SiriusPoint. This is our second quarter reporting under the new segment structure of reinsurance and insurance and services, the combination of which we define as core with our remaining results including the former Runoff segment reported in the corporate results. Core underwriting income and net core services income are each presented on a gross basis, to show the contribution of underwriting, and our consolidated distribution platforms before intercompany eliminations. So as if the two parts of the company operated independently. As a reminder, as part of this change, we have broken out service fee income and expenses, as well as gains and losses from our investments in MGAs, separately from underwriting income. This provides stakeholders with greater transparency into the profit contribution from the fee-driven parts of our business, as well as the returns on our investments in our strategic partnerships. The combination of core underwriting and net core services income is core income. We believe this presentation better reflects our company's strategy and management structure and provides transparency on which to evaluate the transformation of our reinsurance business and the growth in our Insurance and Services segment. Additional detail on our segment presentation can be found in our Form 10-Q. Core segment income was $27 million for the…

Thanks David. We have positive momentum as we head towards midyear and are well positioned to take advantage of opportunities as they arise. Our progress so far is testament to the team's tireless commitment to our transformation, development and growth. I'm immensely proud of what is being achieved across our platform and business segments to position us for long-term sustainable profitability and value creation. Our focus remains on underwriting profitability, reducing volatility across our underwriting investment portfolios and developing our insurance and services business. There is no doubt that we have considerable work to do, but we are committed to delivering against our strategic priorities and to aiding understanding of the opportunity, our growing value proposition and market differentiation presents. Thank you for your time. And with that I'll turn the call back over to the operator.

This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation. End of Q&A: