Good morning, ladies and gentlemen, and welcome to the SiriusPoint Ltd First Quarter 2023 Earnings Conference Call. On today’s presentation, all parties will be in a listen-only mode. 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 now, sir.

Welcome you to the SiriusPoint Earnings Call for the 2023 first quarter results. Last night, we issued our earnings press release and financial supplement, which are both available on our website, www.siriuspt.com. Additionally, a 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 point, I will turn the call over to Scott.

Thank you, Dhruv, and good morning, good afternoon, everyone. Thank you for joining our first quarter results call. We have been busy executing against our strategic priorities, which I outlined as part of our full-year 2022 results. I intend to provide you with a fuller update on our progress against these at our half-year results update. But today, I will highlight the significant progress we have made during this quarter. Before we get into the results, I would like to update on 2 areas: Firstly, we are extremely pleased to announce today the appointment of Bronec Masojada as an independent director to our Board. Bronec is a proven industry leader with over 30 years of insurance experience, which will further strengthen our board. We look forward to welcoming him to the company. Secondly, turning to the 13D filing by Dan Loeb. As an update, the City’s Point Board of Directors has established a special committee of independent directors to review any acquisition proposal made by Mr. Loeb if and when a proposal is received. In connection with forming the special committee, the Board agreed that it would not move forward with any transaction unless it is first approved by the committee. I’d like to remind everyone that there is no assurance that any definitive agreement will be executed with Mr. Loeb or any other party, other proposals, or any other transaction will be approved or consummated. Now I will turn to our results, and I will share some of the key messages from the last quarter. [Indiscernible] outlined on Slide 5 and provide an update on our strong progress across our strategic initiatives. Overall, we are pleased to report continuing performance improvement in Q1 as we build on the progress made in Q3 and Q4 of last year. To put…

Thank you, Scott, and good morning, good afternoon, everyone. I will now take you through the financial section of the presentation, and we’ll start with Slide 7, looking at our first quarter financials for 2023. Overall, it was a positive quarter as we delivered profits and generated capital across all 3 sources of earnings, underwriting, MGA fee income and investments. Net income for the quarter was up $356 million versus Q1 of last year. Our results were mainly impacted by losses in the investment portfolio in 2022. During Q1 ‘23, core underwriting results improved materially as we delivered underwriting profits of $107 million, which benefited from $90 million of reserve redundancy linked to the LPT transaction. Excluding that $90 million release, underwriting profits were $17 million, with a core ex LPT at 96.8%. Our actions are having an impact as attritional loss ratios and expenses were down, while our cat losses were stable versus the prior year. We experienced $7 million of cat losses in the quarter, which are primarily related to Turkey earthquake Kites and are stable year-on-year. Gross premium written for the core business increased 5%, driven by insurance and services, up $181 million, partially offset by reinsurance, down $128 million, while capital light net services fee income saw a steady increase at $18 million versus $14 million last year. Service revenues were up 12%, while margins are better at around 29%.Total investment result was $74 million, driven by $62 million of net investment income, while unrealized and realized gains, including related party were $12 million and significantly higher than the $213 million loss last year. These results illustrate the progress we’ve made in rebalancing the investment portfolio towards high-quality fixed-income assets to reduce P&L volatility and capitalize on the current high-interest rate environment. Net corporate and other…