Good morning, ladies and gentlemen, and welcome to SiriusPoint's First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded, and a replay is available through 11:59 p.m. Eastern Time on May 15, 2024. With that, I would like to turn the call over to Dhruv Gahlaut, Head of Investor Relations and Chief Strategy Officer. Please go ahead.

Thank you, operator, and good morning, good afternoon to everyone listening. I welcome you to the SiriusPoint Earnings Call for the 2024 First Quarter Results. Last night, we issued our earnings press release and financial supplement, which are now 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. Certain non-GAAP financial measures will also be discussed. Management uses the non-GAAP financial measures in its internal analysis of results and believes that they may be informative to investors in gauging the quality of our financial performance and identifying trends in our results. However, these measures should not be considered as a substitute or superior to the measures of financial performance prepared in accordance with GAAP. Please refer to Page 2 of our investor presentation for additional information and the company's latest public findings. 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 2024 results call. As you can hear, I have a rather croaky voice today, so I apologize in advance, but the great news is our results are better than my voice. I'm really pleased to be able to say that 2024 is off to a strong start. We delivered our sixth consecutive quarter of positive underwriting results, improved the quality of our earnings and took action to further strengthen our balance sheet. The performance momentum from 2023 has continued with strong year-over-year performance. We are executing on our ambition to deliver consistent and stable earnings that create long-term shareholder value. Our strong results and strategic actions taken this quarter move us closer to our longer-term ambition of becoming a best-in-class insurer/reinsurer. Before sharing the key messages relating to our results, I want to recap on four developments from the quarter within our key messages on Slide 5. Firstly, I would like to highlight the liability management exercise we completed recently. This has further improved the quality and strength of our balance sheet and area that we highlighted in Q4 that we would focus on. We announced 3 debt transactions in late March, including our debut -- debt issuance of $400 million. These transactions were aimed at refinancing $400 million of 2026 legacy senior notes and redeeming $115 million of legacy 2025 senior notes, all were successfully executed. The new debt instrument will be capital accretive under the rating agency and regulated capital models and will increase our capital levels by a further $300 million on a net basis. This increase in capital equates to an approximately 20 point improvement in our Q4 '23 BSCR ratio, which already stands at 255% before this. Our capital…

Thank you, Scott, and good morning, good afternoon, everyone. I'll now take you through the financial section of the presentation, starting with first quarter financials on Slide 8. Overall, it was a strong quarter with all 3 earnings engines positively contributing to net income and up year-on-year on a like-for-like basis as we adjust for the benefits linked to the lost portfolio transaction. For the underwriting result, this marks the sixth consecutive quarter of positive income as we delivered core underwriting profits of $44 million with a combined ratio of 91.4%. Gross premiums written decreased 17% quarter-on-quarter for our core business. Top line growth was impacted by premium reductions in both the Reinsurance segment, where premiums are down $40 million compared to the first quarter last year, and insurance and services where premiums decreased by $140 million. However, premium reduction was largely driven by exits in certain programs, like cyber and workers' compensation, and adjusting for those premiums were down 7% for the core business. The reduction in premium demonstrates the decisive actions we have taken to prioritize underwriting profitability and to ensure we are closing the financial performance gap to operate at best-in-class levels. We do expect to pivot to growth in 2025. Core MGA revenues grew 3% on prior year to $66 million and were driven mainly by growth from Armada, IMG and Arcadian. Margins improved by 1.4 points to a strong 30%, resulting in our MGA net services fee income increasing to $20 million for the quarter and was driven by better margins at both Armada and IMG. Total investment results for the quarter was strong at $80 million. This was driven by $79 million of net investment income, which is up by $17 million compared to the prior quarter as the derisked portfolio continues to benefit…

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.