Good morning, ladies and gentlemen, and welcome to the SiriusPoint Limited Second Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call 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 second 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 Dan Malloy, our Interim Chief Executive Officer; and David Junius, our 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 Form 10-K for the period ended December 31, 2021 and Form 10-Q for the period ended June 30, 2022, 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 believes 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 Dan.

Thank you, Clare, and good morning, everybody. I'm very pleased to be speaking with you this morning given the opportunity that lies ahead for SiriusPoint, our employees and our shareholders. And many of you know, I've spent the last 10 years at SiriusPoint and our predecessor company, Third Point Re, where I was CEO prior to the merger. As President, Global Distribution, following the launch of SiriusPoint, it was my pleasure to help establish the new company and support our strategy with my colleagues on the executive leadership team. I am now very pleased to rejoin SiriusPoint as Interim CEO. I was asked to do so by our Board of Directors, given my experience and history with the company and my familiarity with our team, our strategy and goals, and the value we bring to our insurance and reinsurance partners. Our Board is focused on appointing a permanent CEO to continue the transformation of our company. They are committed to completing this within the shortest possible timeframe, while taking the necessary time to ensure this is a thorough and thoughtful process. In the meantime, I'm working closely with my colleagues and the Board of Directors to build on the progress that has been made since SiriusPoint's founding in February of 2021. My role is to provide stability and oversight to allow our global talent to continue their work as we refine our strategy and operational priorities and to continue building a high-performing business. This morning, I'd like to outline our progress for you and share some detail on SiriusPoint's areas of strategic focus for the business. I'll go on to cover our second quarter and half year results, including how we see some of the wider market and global economic issues impacting our business, before I hand over to David…

Thanks, Dan. For the second quarter, we generated a net loss of $61 million or $0.38 per diluted share versus net income of $65 million or $0.37 per diluted share in the same quarter a year ago. Our annualized return on average common equity in the quarter was negative 11.8%. We achieved consolidated underwriting income of $39 million with a combined ratio of 93.1%, reflecting a $5 million or 60 basis points improvement quarter-over-quarter, making it the fifth quarter with an underwriting profit out of the 6 quarters since we launched SiriusPoint. Core income was $20 million for the second quarter of 2022, including underwriting income of $10 million and a combined ratio of 98.3%, which compares to $31 million and a combined ratio of 93.2% in the second quarter of 2021. Our second quarter results included $16 million of catastrophe losses or 2.9 points driven by South African floods. Core income was driven by moderate natural cat activity and some favorable prior year loss development. For the Russia-Ukraine conflict and COVID, a reserving approach of recognizing bad news quickly is holding with no change to our original currency ultimate loss picks, and hence, very limited financial impact in the quarter. We continue to take a cautious approach to the reserving for our growing Insurance and Services segment, holding most ratios at original [ aspects ] despite positive actual versus expected trends as we wait for this book to season. The quarterly results include net favorable prior year development of $2 million. Specifically with respect to inflation, we have evaluated the expected impact of the elevated level of current and expected inflation to our pricing and reserving. We took action earlier this year to adjust trend assumptions in our pricing to allow for this elevated level of inflation. We have…

Thanks, David. Going into the second half of the year, I'm confident our business, balance sheet and prospects remain strong. I and the executive leadership team are committed to ensuring that we remain focused on transforming our business as we grow insurance and services through MGA and other partnerships, reduce volatility across our Reinsurance and Investment portfolios, and always put underwriting first. I am proud to oversee the progress we have made since inception, and I look forward to advancing our ongoing and successful transformation to hand over to a new CEO in due course. Thank you again for your time this morning, and I'll turn the call back over to the operator. End of Q&A: Thank you. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.