Good morning, ladies and gentlemen, and welcome to the SiriusPoint Limited Second Quarter 2023 Earnings Call. During 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 Dhruv Gahlaut, Head of Investor Relations and Chief Strategy Officer, for 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 2023 half year and second quarter results. Last night, we issued our earnings press release and financial supplement, which are 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 time, I will turn the call over to Scott.

Thank you, Dhruv, and welcome, everyone, and thank you for joining our half year results call. Our second quarter has been another strong quarter for SiriusPoint. We continue to make good progress against our strategic priorities, building on the progress made during the last three quarters. Before we get into the results, I would like to provide some comments on three other areas. Firstly, Bronek Masojada is now serving as Chair of the company's Board of Directors effective June 2, after joining our Board as an Independent Director on May 2. Bronek is a proven industry leader with over 30 years of insurance experience, which will further strengthen our Board. I'd like to take this opportunity to thank Sharon Ludlow, who joined the Board in February 2021 and has been Interim Chair since May 2022 for her service over the past year. Sharon will continue to serve as a Non-Executive Director and as Chair of SiriusPoint's Audit Committee. Secondly, and as widely reported at the beginning of Q2, the SiriusPoint Board of Directors established a special committee of independent directors to review the proposal made by Mr. Daniel Loeb in conjunction with his 13-D filing regarding a potential transaction to acquire the company. On May 12, Mr. Loeb and certain of his affiliates filed a subsequent 13-D with their decision to conclude the exploratory discussions. Ultimately, the committee was unanimous in its belief that its current strategy is the best path to deliver enhanced long-term value for shareholders. Finally, culture is an important element of the SiriusPoint transformation. I firmly believe in our people and how we operate at a key differentiator. As part of making SiriusPoint an underwriting first company, we've implemented a new underwriting model with the intention to achieve better results and drive higher performance and growth…

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 10, looking at our half year financials for 2023. We delivered positive profits and generated capital across all the three sources of earnings, underwriting, MGA fee income, and investments, for the first half of the year. Net income was up $483 million versus half year 2022, as our results last year were mainly impacted by negative investment returns. During the first half of 2023, core underwriting results improved materially as we delivered underwriting profits of $189 million, which benefited from a $100 million of reserve redundancy linked to the loss portfolio transaction. Excluding the release -- releases linked to the LPT, underwriting profits were $89 million with a combined ratio of 92.7. Our portfolio actions are having an impact given Cat losses were down versus prior year and we had no Cat losses during Q2 despite a high Cat quarter for the market. During the first half period, we only experienced $7 million of Cat losses, all during Q1 and primarily related to earthquake claims from Turkey. Gross premiums written for the core business increased 5%, driven by Insurance and Services, up $209 million, partially offset by reinsurance down $119 million while capital-light net service fee income saw a steady increase at $28 million versus $25 million last year. Services revenues are up 9% compared to the first half of last year, while margins are stable at around 22%. Total investment result was strong at $140 million and driven by $130 million of net investment income while unrealized and realized gains, including related party were $9 million and significantly higher than the $372 million loss for this period last year. These results demonstrate the…

This concludes today's conference call. You may disconnect your lines at this time. We thank you for participating in the SiriusPoint Ltd. second quarter 2023 earnings call. Have a great day.