Good morning, ladies and gentlemen, and welcome to SiriusPoint's Fourth Quarter 2024 earnings conference call. During today's presentation, all parties will be in a listen-only mode. As a reminder, this conference call is being recorded and a replay is available through 11:59 PM Eastern Time, on March 5, 2025. With that, I would like to turn the call over to Liam Blackledge, Senior Associate, Investor Relations and Strategy. Please go ahead.

Thank you, operator, and good morning or good afternoon to everybody listening. I welcome you to the SiriusPoint earning call for the 2024 full year and fourth 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. Joining me on the call today are Scott Egan, our Chief Executive Officer, and Jim McKinney, 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 for, or superior to, the measure of financial performance prepared in accordance with GAAP. Please refer to page two of our investor presentation for additional information on the company's latest public filings. I will now turn the call over to Scott.

Thanks, Liam, and good morning. Good afternoon, everyone. Thanks for joining our fourth quarter and full year 2024 results call. The fourth quarter was a very busy one for SiriusPoint, not just due to business as usual and market events such as Hurricane Milton, but also because of the strong execution on many actions as part of reshaping the company for the future. In the quarter, we completed the previously announced loss portfolio transfer on the workers' compensation business with Enstar. We agreed on the transaction with CMIG to repurchase all of their outstanding shares and warrants. We further derisked the balance sheet by reducing the carrying value of a legacy MGA investment. I do appreciate that the impact of these types of actions creates noise in our results, but I'm confident that all of the actions we have taken both last year as part of the performance turnaround, and this year as part of our wider reshaping, have really helped drive strong performance improvement as well as positioning us strongly for the future. The improvement in performance across all of the business is stark versus 2022. And most importantly, our underwriting performance has never been stronger. Our aim through both this call and the disclosures is to transparently help you separate the one-off reshaping from the underlying performance. That said, I'm pleased to say that 2024 marks the end of our major reshaping and that going forward, the entire focus of the company is improving our business performance further. That said, in a year that has seen significant reshaping, we have successfully outperformed on our operational and strategic objectives. During the second half of the year, we announced the repurchase of CMIG's entire common shareholding, the repurchase and surrender of the merger warrants, and the settlement of the Series…

Thank you, Scott, and good morning, good afternoon, everyone. Before I begin going through the financials, I want to take a moment to echo Scott's comments. And to say how proud I am of the SiriusPoint team for all that they have achieved this year. Our strong financial results highlighted by year-on-year underwriting margin improvements and the enhancements we have made to optimize and strengthen our balance sheet do not come easily are hard-earned, and have positioned the company for long-term success. Starting with our fourth quarter results on slide thirteen. Operationally, it was another great quarter. Our combined ratio improved 3.2 points to 90.2% for core business, Continuing lines gross premiums written increased to $133 million or 21%. Leading to $44 million of underlying net income or an increase of 19% versus the year. These results were driven by our enhancement initiatives and focused execution. The headline net loss of $21 million was the result of three items linked to our efforts to finalize the reshaping of the company. These include the CMIG transaction, closure of the previously announced LPT transaction with Enstar, and the write-down of a legacy MGA investment. The CMIG transaction reflected a $26 million expense for the mark-to-market settlement of the merger warrants. The previously announced $20 million pre-tax loss associated with the completion of the LPT corresponds to the workers' compensation exit announced in 2023. The $34 million decrease in the estimated fair value of the investment was driven by a change in the growth and future earnings outlook at DMGA. Combined, these items significantly impacted income in the quarter. They represent the final items associated with the company's major reshaping. We now move into 2025 purely focused on the ongoing operations of the company. Refocusing on underwriting. Gross premiums written increased 6% quarter…

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.