Good morning, ladies and gentlemen, and welcome to the SiriusPoint Ltd. Fourth Quarter and Full Year 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 Mr. Dhruv Gahlaut, Head of Investor Relations and Chief Strategy Officer of SiriusPoint. Please go ahead.

Thank you operator, and good morning, good afternoon to everyone listening. I welcome you to the SiriusPoint earnings call for the 2022 full year and fourth quarter results. Last night, we issued a press release and financial supplement, which are available on our website, www.siriuspt.com. Additionally, our webcast presentation will coincide with today’s discussion and is available on our website. With me here today are Scott Egan, our Chief Executive Officer; and Steve Yendall, 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. Please refer to Page 2 of our investor presentation for additional information and the company’s latest public filings. At this time, I will turn the call over to Scott.

Thank you Dhruv, and good morning, good afternoon, everyone. Thank you for joining our fourth quarter and full year results call. I have now completed a very busy and productive 5 months with SiriusPoint. I remain confident about the opportunities ahead of us. We have a healthy balance sheet, excellent people and resources, strong client and broker relationships and a diversified business model that has potential to deliver higher returns. I’m excited to be here, and I’m determined to help the company improve its performance and realize its potential. We have the ingredients to be an outstanding organization, but we recognize we’re not there now. Since I joined SiriusPoint as CEO, we have made significant progress on our strategic priorities of reducing volatility, improving profitability and business simplification. We believe we have a robust plan in place for 2023 against each of these areas helping deliver against our underwriting-first ethos. The vision for SiriusPoint is to be a high-performing underwriter, and I am confident that we have the right elements in our business required to execute against that strategy and deliver. However, I recognize we are in the early stages. That said, we are already seeing positive changes in the company’s performance and culture. We will be disciplined and consistent in our approach as we aim to reestablish our credentials and build confidence with our stakeholders as good stewards of capital. We expect to see meaningful improvement in profitability during 2023 as we benefit from already implemented underwriting and cost-saving actions, locked-in investment yields and stable MGA fee income. We expect to realize full run rate benefits of all our strategic actions taken during 2022 and 2023 in 2024, when we expect to deliver a double-digit return on equity. Our business model is diversified and differentiated compared to a traditional…

Thank you, Scott, and good morning, good afternoon, everyone. I'll now take you through the financial section of the presentation, and we'll start with Slide 15, looking at our full year financials for 2022. Net losses for the year were $403 million driven mainly by the negative investment result of $323 million. Total investment losses of $323 million were driven by negative movements in related party funds and the impact of rising interest rates on the fixed income portfolio. However, within our investment portfolio, net investment income increased to $113 million versus $25 million in 2021. Core underwriting results improved materially during 2022 as a result of the actions implemented. Our loss of $35 million was significantly lower compared to a loss of $163 million in 2021 driven by lower cat losses of $188 million. The combined ratio for the core business came in at 101.6%. On a management basis for 2021, which includes the premerger period from January 1 to the acquisition date of February 26 for the legacy Sirius Group, top line growth was strong. Premiums were up 21% year-over-year driven by the growth in our Insurance & Services division. Net services fee income was up $23 million versus the prior period driven by increased revenue and improved margins in travel medical MGAs. Included in the year-end result was $30 million of restructuring costs related to the international platform changes announced in November of 2022 with associated savings starting to earn in Q1 and expect it to increase over the year. To that end, we also expect an additional $25 million of restructuring costs in 2023 as we continue to right size the organization and create a more efficient operating model. Moving to Slide 16. We'll take a brief look at Q4 financials. Overall, it was a very…

Thank you very much. Ladies and gentlemen, this concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation. End of Q&A: