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JRVR James River

Participants
Kevin Copeland Senior Vice President, Finance, & Chief Investment Officer
J. Adam Abram Chief Executive Officer and Executive Chairman
Sarah Doran Chief Financial Officer
Robert Myron President and Chief Operating Officer
Mark Hughes Truist Securities
Matthew Carletti JMP
Randy Binner B. Riley
Sean Reitenbach KWB
Call transcript
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Operator

Thank you for standing by and welcome to the Third Quarter James River Group Earnings Call. All lines have been placed on mute to prevent any background noise. After the presentation, there will be a question-and-answer session. [Operator Instructions] Thank you. I would now like to turn the call over to our first speaker for today, Mr. Investor of Head Copeland, Relations. Kevin begin. Sir, you may

Kevin Copeland

welcome Thank River James and earnings you, Good morning, operator. to Group's call. the conference everyone, third XXXX quarter

These cause current call, are to assumptions various the we uncertainties, be to subject forward-looking During which differ and may will that are based results intentions, beliefs, statements. on risks expectations actual and making statements materially.

section we forward-looking and discussion please Form XX-Qs make turn see Executive James River language with forward-looking not Exchange Factors regarding uncertainties, Abram, call the the update recent such release I the earnings and statements Officer duty of our risks statements. of Adam Commission. yesterday's Chief the XX-K, We For undertake any and a and Securities and to in do Group. over most other and of now Risk will filings to cautionary Form reports any Chairman

J. Adam Abram

very much, Kevin. Thanks

with Financial and Myron, who minute. said, Doran, is Kevin Sarah looking forward Chief we're Chief I'm our questions to answering our in As your Bob a here Operating and Officer; Officer

I've of the most that, market which in prior-year. set our one in like more This to quarter We a in at witnessed conditions The with years. wrote we than do more is franchise, policies E&S observations XX% rates, Before quarter and few markets our we'd business, about favorable XX stage lower with is the cost. general. loss about the premium the in growing higher is of core and force, substantially E&S this

XX%. E&S the The move not is retrench renewal X% accounts in companies and to E&S are New standard renewal an from continue submissions were standard submissions and by in to the were up to submissions market. market increase seeking indication that up

underwriting Trailing years increase a divisions period We underwriters core E&S the premiums is our million, over two ago. in eight XX-month XX% $XXX E&S group. are same XX selective of just

This rather of XX and and strength. last were months, our XX.X%, policies E&S market over down continues been of by quarter to quarter up to growing quarter more row claims rates and able increases significant eight increased XXXX. this the already our quarter rate We greater in a renewal rate reported policy, dropping and are was to we've been X%. these XX% be per force XXth quarters claims have core get were year, have rates than in this hard In while up continue Year-to-date, every counts In the both gain exposure. business most unit on XX% precipitously. frequency in to increases. XX% premium recent E&S quarter this In compared we're has rate

XX% within E&S in XX% XXXX force April, June, counts mid-October. and prior quarter in count from and than claims between claims and through years in New X% July, counts August premium XXXX. E&S per dollars through premium down in in in September, in claims in drop policies are more May, XX% has This all increased. is in we the the have than XX% as XX% three-year the were XX% E&S core Core earned third lower million XX% in and average earned notable

bode for these future. well obviously, very So the trends

E&S is XXXX in XXXX ratio Core through loss developed LAE fully Our from XX.X%.

years XXXX XX.X% through the ratio. XXXX the LAE in carrying are We at a loss

through loss lowest reported ratios since reported Our three E&S the among paid These in and and ratios reported paid year calendar Core are quarters. is XX.X% XXXX.

a Sarah this is XX% down more this ratio speak first over in trend about the about in expense moment will expenses. in quarter XX.X% Our positive from quarter.

the approximately in concerns cost. the injuries spike being $XX in-patient runoff be We having a last due for in end million medical surgeries reserves account postponed in we've during the to division with raised people expected of the in observed for non-life-threatening treatments So seems year. a E&S XX.X% about This surgical of rise result we reserves pandemic. costs runoff the the in canceled of reported combined the ratio commercial in to September or the adding large clinic of at book hospital to because after

continue commercial in runoff at XXXX. have quarter closed to at book of the ever that open more from end and roughly We we point as claims close we've the December rapidly claims we of auto XX, slightly outstanding accounts. half received X% than the And this claims this

out moving rapidly. is this So

from. allowed business from to casualty to our from from still on XXXX the focus will our we're returns we these our season were or to and COVID-XX -- us exposure pricing variable benefiting can in glad losses. price the avoid from In to hurricane growing the reinforce the At absorb very time, particularly or significant in costs of rapidly spikes very premium delivering loss growing attractive maintaining XXXX. this to that events XX.X% E&S runoff difficult book large while Our losses shareholders strong same the industry tend ratio in LAE losses quarter

Our Specialty Admitted traction. segment is also gaining

a year higher to XXXX. enjoyed eight quarter these premiums three new of were course and in income gross income through already are increase than in and gross three we quarters. Three fee premiums written many beginning new ago. over programs added and of added million premiums Third $XX.X quarters, the within XX.X% We've others in a first XX.X% this produce the just programs fee segment have

fee equity Specialty on developed can believe this already Our low efforts retain fronting larger developing we in under segment directing we're our partnerships in we're Having towards net our is division in which align our the reinsurers, double-digits. in programs. of the our premiums Year-to-date [ph] Admitted legs this XX%. our retention while from We on marketing still in interest business the is improve. sea with risk We're margins to segment some return written Admitted gross Specialty earning income. focused good

is that In our a by feel XX% segment written last a Specialty months nine in reduction policies third Admitted premiums compared to we from wrote we market the soft. a about division, as gross in Within Compensation pricing net written little which the Reinsurance through $XX year. was million of we've reduced premiums Workers area

is Some fourth of Reinsurance show some Pricing Allied ratio renewal The the of has terms quarter. the will River year-to-date this rate World, last in quarter. the Operating of is X.X%, of only week. Chief very XXX.X% improving renewal that from the for moved XXXX, segment the Officer X.X% the and segment timing We a our XXXX increases, studies in combined and Chief evening now to next D'Orazio, important as difference reported third and CEO and news X.X% conditions changes like reduction including internal for and formerly good James address our in and become announced company. I'd Frank respectively. that CEO Staff to XXXX, to

you retired previously that of in will Some and August returned recall XXXX. I

Our of company work all is the in hard colleagues. a very position, thanks my good to

profitable hands. than will leadership in and I today. has really we in presents. and have attracted aware market broad the the Frank it and with momentum. to do this a and I'm market Board candidates. enjoying look are are experience over good in The doubt a is profitable have time rising our the fit that I and very We underwriter I helm. and is tremendous He the are Frank very who let opportunity a remain large the will was to call team operations can He call team, already him. qualified Chair with Board turn of building this executive to insurance of transition new Frank's even run time make depth River and culture. hard an he seemed the to over the demonstrate become will some an executive Nonexecutive supporting the more many and may search style keenly pleased capabilities me I And taking Frank good the his Bermuda. we history transition. conducted long we sarah. me very of U.S. of by forward successful terrific from on to has anticipate we be already great highly that, as begun no underwriting He and of when on support a James you businesses. CEO, know training under our team. and having introduce a His the work suspect as management more

Sarah Doran

Thanks Adam.

Let quarter operating of third we a the return of earnings on few of quarter. Last highlight financial reported and per me night points year-to-date average equity share XX.X%. from net $X.XX the operating tangible adjusted annualized

early As our and still, revenue the of very attractive Adam business the pandemic. estimates our while start has exceeded at early conditions said, market are for

expenses. First

gain and where to been from The that mentioned decreased as ratio this the strong year working we on and XX.X% in quarter see this in calls expense XX.X% first lines compared have to segment. o also ratio highest in commissions, have we quarter reduce growth as XX.X% to year-to-date. expenses We of prior for benefited attractive or Our quarter across premium significant E&S from either XXXX increased E&S rate have Gross and the such premiums the amongst book. Excess ceding been that highest written third increases our Excess line XX% as the year-to-date over of Casualty in Casualty efficiency.

reinsurance expect the in has our to our the quarter. year retention also scale also is that benefited ratio E&S, The quarter. casualty of in down ration to it largest for from of our the full close sliding commissions figure. that As expense this ratio will the business pushed XX% this we be offset year-to-date our it line has expense segment in portfolio

of loss balance and line claims of we meaningfully year this year posted a rate loss on, accident ratio this low and in emergence, of XX.X%, increases, Moving with powerful XX.X% quarter largely despite the ratio loss reduced frequency.

E&S reserves. and since approximately of quarters increased to continues billion XX.X% have have highlighted, cumulatively Core benign E&S the again this renewal XX% close quarter. our this half rate of multiple of make remained Adam losses $X.X for and XXXX. were start As the net to premiums written net falling up company's Reported quarter increases XX%

auto we to increase our takedowns to E&S XXXX years. relates and As of reserves continues commercial but $XX added to reserve Adam million of level XXXX The our account book had large runoff in this the well. very similar which from quarter, Core run a mentioned, reserve

account. almost Adam years claims business. block loss the We runoff. open the by of account Of and the have $XXX our for years to block at X.X% Through claims quarter claims nine reserves quarter quarter of the as of group-wide of end of total claims. reported all are continued into months X.X% claims net point all runoff new the of few represented XX% represented account close this for billion on reported year of At year, total a for this of closing fourth open at said, the approximately supports of the million XXXX, end comparison, $X.X the very this claims approximately receiving rapidly

of favorable prior. E&S business million $XX.X years the had from development from XXXX This and our we quarter Core emanating

Adam adverse we of to of said, loss reinsurance recent our but hold most the concentrated in in was was nonstandard at which auto this sliding XX.X%, Core book, ratio. a casually million As commission of liability continue commercial no to development few of about offset $X.X the our write. $X.X ratio adjustments development E&S the business of general million in a we years come expense and by which business, scale related The much longer through treaties three

We $X Admitted Worker's favorable risk our of Compensation business our development within segment. also in individual had million Specialty

our and net last same quarter from a loan similar is lesser the portfolio gross the a our due portfolio. yields million largely investments, from back quarter last on renewable portfolio. was filled of degree We year, to and to at income the third the $XXX lower portfolio $XX bank for impact decrease bank that second to in Finally spent investment quarter income reduce our about from to the million, loan on of quarter energy

$XX This or quarter basis Energy gross of which through manager's years. Renewable revaluation portfolio due of the benefited many yield our us Returns [ph] to well about on from our to X.X% for was assets have flowed the points reduced decreased us. XX Those the XXXX. million quarter third investments

our benefit generous led thoughtful and a speak for look have to as deep very with my us and I leadership entrepreneurial to Frank I when He working and and insight I'm I've welcome ahead. on for know the of Bob more forward and friendship. success energetic I is strategic Adam him think path colleagues and had of CEO. excited Lastly, we his

that, let turn Adam? Adam. to the back with call So me

J. Adam Abram

And Sarah. ready take to we you, any. questions if are there Thank operator, are

Operator

from comes sir. Truist. [Operator Mark first you, of Thank Instructions] question Hughes, Our the line

Your line is open.

Mark Hughes

good you morning. Yes, thank and

J. Adam Abram

morning, Good Mark.

Mark Hughes

are come formed going claims about is of statistics or you to provided business? these very The thinking interesting. to later? the you've causing judgment are that material is the that, frequency are delayed one Any reports other about kind you've influences What are how this what way

J. Adam Abram

happy in rise leading constraints position. to led to in implied diminishment Capital continued -- fewer is change position from economic rate think claims. our it really a and frequency and reporting industry by expect the pandemic. is what's of and was book I events the claims a that what But it's what I down. speed just about occurring in we're the Core to claims. going course, are talking happy but of But likely wouldn't explanation industry is the pattern I or for claims will from that I that most material E&S talking is and our a increases our regret, and about which has we that. think any but we do give across activity of that I think of in the

So we have not that period the for is a arise think an this later. It claims that in not is that decrease each claims it deferral. I is indication will

we always, remember late our write layers. you business late of book has Now of problem as that the write because that reported mostly a book we never has in been primary every but claims,

process indication So these years of a we're prove ever. history that best develop this careful is at well. the I I some our holding could that be to an XX.X really think in years They will think

Mark Hughes

weeks, delayed in The medical there in progressed you is suggested expenses? more that saw the duration runoff you've September bears treatment, that increase in step observation in information on how recent think I is that was reserves, there this of up has in a your costs the

J. Adam Abram

we that, the weeks it, reaction we're earlier it's information I trying jump let's in the as information of couple than And it it, you this it think unearth to for we on weren’t Yes, in really our is to context are sometimes do early, and fine that the in XX me, thoroughly more reduced, I probably Core our but of reduced, the thing possible. doing through the -- it last just and seeing just simultaneously are was One we right September most difficult years. that it. is XX I'm the wanting to listen, doesn't we as our percentage that fact it. look, a It quarter, of can open claims. have way I'm that unearth E&S very really the because where on the feeling quickly about claims growing jumped to reserves through book say troubled everything get came – on of not we've us both so little from top data so it, current, by really it, piece to is bit the we not but we for fast up holding of and substantially not staying to so very we're just count And are our a of but small word stop thoroughly runoff. react in the to overly would and

Mark Hughes

about accounts, any businesses, what on mean lot impact does a Understood, there trends? of been observations about that small underwriters, business more question the on have E&S COVID small of business, the then, question you small for one midsized got small

J. Adam Abram

the look, we're but in not of does business small in -- want it's One small our done that Yes, business. a up division it's company. and well core, we've small to

book. premium of part about though average a average in is is -- and and part our that, small $XX,XXX business our premium huge our division point that make it a to a lower going of I'm So casualty growing not is much

what a part that book there and minor And businesses business the or a industry think be are the will is many of small and the constraints the -- tremendously some if book relatively whole the I total of after many, another premium. there package it capital our the because back I'm think in isn't, but as in announcements were affect was prior two, stimulus seeing the election, your and are companies. that our tremendously hoping driving you're by the rate of E&S won't than I to industry believing increase of really don't what packages. stimulus rest boosted that more development helped I is because think our small

Robert Myron

is this and Bob Hey Myron.

taverns. division, add we, a class the there contractors. Adam in general biggest E&S tremendous small of decline said, strong we just is we is small power restaurants division, habitational other comment major the some bars, Within me for not and demand probably other to a as surprisingly, and small, really risks, there's in Let quarter. that in during there. our continued that from business space. very part did division product class And a fine major -- see our casualty production of and standpoint that be In pricing related part the But and that

is bars, taverns not that a division restaurant, and of Mark so, huge And part of… sort

J. Adam Abram

just caused but Bob, it's business jumping just It's million do small quarter good sorry, saying, one up. the $X.X that, to Yes here the still, and our I want and me second, XX%. make up flip number. a what for Bob page to wrote, say you're we it's is really but division is look point

you, decks it's knows as risks was our been not seeing write It real And like a also in can quarter. watching, who in it's general points build cetera. or up. we the, got who's on do a there's casualty who people small constraint larger it in houses X.X% for out, where there. up decline renovations anybody et And or division, and is the is of lot residential contractors as because we're development So, sales a is Bob

Mark Hughes

Very you. helpful. Thank

Operator

JMP. Matt line question next Our from comes the from of Carletti

open. is line Your

Matthew Carletti

morning. Good thanks. Hey,

J. Adam Abram

morning. Good

Matthew Carletti

bounce of of could the I know business very are for pretty helpful. we are where just can you dozen just a E&S bit us. as of Can classes of most your business which business business, for mean, to view understand kind getting quarter. you and am based of lot you at so which clients to those as given also the absolute about compounding second think being if kind the of I or cycle as We're guys? some around the round the sure getting in really as exciting And in ask third from that on unpack you you not that, rate businesses then starting whole, point But help rate how kind Core you group E&S a terms of of history? a see or it, increases view just wanted the in look do as but gave any you effect. change increases a us to that mix help price opposed round in pricing perspective, your little statistics of you I Adam, I into other to, you get or

J. Adam Abram

want Okay, started, start increases absolute significant, to pricing we've me, to, increases price the going good ratios we well, combined a book on I increases. pricing, had let in I'm was delivering that because, continual with before quarter-over-quarter, already

what ratios casualty, and great years want year-to-date, has And our being grew So I weren't confident. contractors, general their of sports be because lot play, many underwriting quality just been property. growing for I are company, underwriting business, a it the terms in manufacturers professional and for been these to healthy it's less We and to price helping because and produced think, the in of across I'd quarter entertainment, that's done if they and casualty an - by book. increases, Sciences, case, teams mentioning, our set combined frankly, we've as already think of where this desk, small liability, leadership excess average healthy Life high of for the have we've and I to, selected I years. I skill But a excess want in was our

so we've Now, By us way, the the Property, only to of the recent responses Excess got Excess helps with it growth, structured. of and it of it had expense but say the but so because your write Casualty way said that exposure and worth our in most just is to before, course, ratio, now the this because roughly the our hadn't when the that, way mentioning $X Excess it's way storm. we probably me of we million, Property, question, I does let

So it our loss was ratio. absorbed in reported

same not a do we're catastrophe losses. Excess did large, thing one there. the relatively modest a with line the keeping to we is, in So And Casualty things don't ourselves of big, expose we the

we've think think the been getting, for rate, if not I And don't, So finished time you can retention our think I don't the to rate submission at and at come. think with we our at rate, trend we I continue as look increases. do you are some you higher top. look do I and industry expect I this to expect an we're

Matthew Carletti

next very Frank. very congrats retirement. that's hope enjoy Great, I you helpful warm to it and the and welcome on

J. Adam Abram

and the And His the say going by in closely that I'll add have transition going this under way, but I and have with opportunity take a this deep our what really bring just excited He's the see attitudes fitting right very to is we focus really of underwriting style we're and is has team lot very very We're and and about just the he this company his well. into a early as to He's experience the whole leadership. skills the to to working stages to culture with transition, am Frank. management been started company. new going company. tune in working it, will we

Matthew Carletti

Great, thanks.

Operator

of from B. line the Binner comes Randy question next from Riley. Our

Your line open. is

Randy Binner

of net the Hi, with some and you on nice said million income again Yes, but come wanted see, to different morning. this kind there I until higher. kind next that good of rate? things partnerships above a quarter changes And running can I possibly do there that you you investment Adam, time congrats that there. or were working or back get $XX guess, and investments run alternative are can are What get that you

Sarah Doran

Sarah. thanks question, for the Yes, It's Randy.

we've to that But push I right generating million quarter I think much are trying can interest some we bit. rate the our as there for now around now, environment that are edges. So, a best that $XX we're do we're do well. as probably it's been the last the competitors little this manage in environment above things and all living think could in the yield tough right I to know we

consider more little the or we bit having and so, next right to portfolio we're our year wanted that other opportunities on with there. a doing risk potentially de-risk to grow things our focused over all returns volatility but pretty to the underwriting now, have, comfortable and looking So, that the Core E&S and we're

while at So portfolio view a some other degree as and it look this it in I things, a moment. the we environment off is, trade is to we for think, what

Randy Binner

apologize, -- on getting yes looks different? the I Fair opportunity enough. inning in? a miss that of can we're part side, is But you there's I what E&S, just opportunities, little -- rightfully bit more and function risk kind are just just dimension then you the fronting, bit little the you What front a that demand of a the so. is know, the lot of on is And at And to call, is there, of I end here more, that? underlying but focus is kind and had missed on

J. Adam Abram

return made keep. beginning. We're expanded we that of retentions new for really to jump been he's a, Falls small delivering this well, intimately getting percent. some But do which the are on advances the there are as area we and which been generating I equity, programs, have here team is Lake, this of you very Bob has in work programs, about at an And the Really comment in Bob, all I'm want involved. because it's group is that you We has of on excited get think because going and think digits fee involved low the double a already our we're Specialty just but to doing? Admitted Myron

Robert Myron

Yes, I do. so

time. got the opportunity lot risks. I think entities but Randy and and/or it's innings invest continuing while, areas of for have early think fronting full and we're in been it of involved to licensure have deals we're here. E&S We here. a for certainly We growth we've at E&S I several that now still seeing And a is statutory certainly that are related one the

this so, space. is line And commercial most the and of in

so And increasing product. think that for demand the I for tremendous there -- is demand

in on that would have is number put already, meaningfully that comes interest book a Compensation, new size which and deals of his of in as would the when has been new rollover putting declining McCafferty I to like, One on amount the of deals business perhaps been done. our, work hasn't we've for the They've as that, we board this these reasons gross on past, a been what classes this is basically, written meaningful Workers increasing our our and diminish Terry we're haven't can enforced grown that segment, a And deals. we in be think environment that premiums really of relative why, challenge, deals large watching and year. of shouldn't also say really, or a that exposure in it's more been pricing I the it when But past and closely. the has team much getting us.

working from going leverage I some focus building get we're we'll So on developing on to in think some group on also the to all potentially that, together Frank relationships continue too. that relationships, and working on is larger regard, and that, transactions, and

outlook grow So that ability there. meaningfully in income really and grow I future, in terms really fee positive is of the the to the our think

Randy Binner

Great.

side. being on admitted is frontend comp the think the I more So

roughly So what your is programs admitted are out there? non-admitted? you what break Can right and now between

Robert Myron

risk right $XX at ceded I XX% I away writing that XX% the and which more is than ifs have it's business, right. say probably Yes, million fact that information we're, because probably that's hand, Comp XX% would Comp don't I Workers know business of It's of million market Workers meaningfully of related business. it's now to committed there's $XXX actually somewhere, California individual

Randy Binner

Right.

Robert Myron

But been of has E&S the growing. percentage

Randy Binner

lot. it Alright, I'll there. Thanks leave a

Operator

comes Our question from from Reitenbach KWB. next Sean

open. is line Your

Sean Reitenbach

a Frank. know broadly still And, becomes see KBW best Adam. wish the Good your say bit. there corporate are rate re-commentary increasingly forward you if to to a it’s do are on would adequate? looking feel book we're getting to been rates before rate pretty tax you maybe The mostly few that think But positive more need would adequate morning, areas at hike it's and you and likely? rates We in you be has been impacted going to how

J. Adam Abram

look see business in many that loss of been developed years ratio. been the citing if XX we've you mean, developed the was and experience years, for quoted history I LAE that adequately well, at priced the, fully that think running that our in you mean, worth ratio, Yes, loss think I LAE of XX.X% I rates, look we've I historic we

historic heavily margin. The is So are And, we dollars, well, some, increases few inflation, been feel but always of, question the priced. years, last there first last book there is of remember I course, that here. the very expanding on social we that concentrated think that the we've primary million layer quarters, the our are XX in price in the adequately getting our has

inflation dollars being already exposed where So, we're not that's and felt. that million is we've really not to -- been first the social

harbinger think of I helping, good are was results. I that margin. our part part the rate so, the it's they It think these for really increases this, And future are And expanding second I question? think second missed your a

Sean Reitenbach

further momentum would that tax corporate hike how think rate might might rate? affect, you accelerate Just rate

J. Adam Abram

part one of, taxes on are just equity. Well, of just are the return part tangible look, taxes one

reader, increase and margins. a or see they're if have to better but to than probably very is greater higher, than make maintain site, I we'll rates, rates we crystal they're we'll all to in probably in what corporate ball at that we our tax think terms will not, focused. I'm a of whole individually look hike have will the The same the in be, industry to sure industry that respond face I

tremendous you If to the in there's industry industry, the board, U.S. an CEOs a seeing margin. just get as do commentary on P&C see across from emphasis the we have what to that you're

think the really there's low, are And place momentum while rate. I go rates here. that So of only lot interest is to a

Sean Reitenbach

thank Great, you.

reasonable be mid of loss on in for next the year expect us the to ratio double-digit top year? on Given, low digit it your improvement kind would comments of rate to single rate, accident even

J. Adam Abram

We're not though going not to going it to, we're is, tempting pre-announce.

Sean Reitenbach

you. thank Okay,

Operator

Truist. have from follow-up And from Mark a do Hughes question we

line Your open. is

Mark Hughes

Yes, XX, something the it condition on like the percentage that is typical that? the ceding in XX, Sarah, E&S,

Sarah Doran

three. a with starts It

Mark Hughes

Starts with okay. a three,

Sarah Doran

obviously, XXs, the talked that's benefit the ratio. expense the the yes. meaningful And about In to And retention from segment. we've that already

Mark Hughes

barometer? if and kind within, know Admitted thoughts the in QX across then this, mentioned you and interested updated Specialty of Yes, on a sorry, expense I'm board but both I I'm ratio, actually overall good is E&S, don't your

Sarah Doran

Mark. question Good

think ratio. the I expense about

the the that barometer think year-to-date to we're year. be going nine-month a on good where I for is

And E&S, the book. Casualty Excess market one in in in performers in of been rate of within the because there's particular, going Core that's, to so that's the which good the all is going able think predict segments, I to rate E&S real great strength best be that to to that not I'm the hold real thing is, true our It's obviously, although all is line.

ratio. material So we've expense impact and grown had it a substantially, on the it's

So be I on expense continue favorable could think that the to ratio. E&S

in quarter. reinsurance there this one I were think some casualty offs

focused why the the I'm numbers that's really but on quarter, think across the not particularly nine-month So about board.

Mark Hughes

conservatism? in the more be clearly. why some particularly offsetting there than the income you've shouldn't kind or that's same fee saying, I XQ Is is as things the Specialty Admitted And got what is E&S reason the of year-to-date, situation, the you're as but and in then hear XQ it's Admitted year-to-date good In expenses. that Specialty different I,

Sarah Doran

year-to-date We'd quarter. the in particularly talking so about the the year, end No, with fourth I'm year-to-date. not full

and I'm there On again, premium in of business. with focus bit that the a I matching lot there's Specialty and some Admitted, small not So fronted on one the there. were segment, mixing a offs know little

more in detail about we that the I happy So being I'm the in think rate are we if benefit if offline, helpful, a now that, that the business for grow we'll closer to nine-month segment XX% that's run where of to where XX%, fronted we in get continue are to follow-up too. basis there. and

Mark Hughes

think think that good. Yes, I’m I'm, no I I help. I appreciate

Sarah Doran

questions. Thanks for the

Operator

no are Instructions] questions. [Operator there more Okay,

Sarah Doran

more There operator. are questions, no

J. Adam Abram

on quarter. look you be prospect very the from company you'll of next thank And to excited soon. call, everybody very speak attention Frank think hearing forward with Operator, and for reporting thank us to and and and following phone leadership. we'll and your you his the I our you we're much we Thank

Operator

for conference does conclude that our gentlemen, and Thank Ladies you. for all today. Thank joining. you

may You all disconnect.