Thank recognition to ended you, of September like our XXXX, would to Jay. June months XX, as as year. to acceleration remind net due loss premium and typical reinsurance X to following on on XX premiums of primarily With contract reinsurance well our respect net that limit from is Ian due of from May contracts year. Hurricane X rates X the resulting our the impact premiums increased the prior for the higher period I to the suffered, X you of the compared to earned, contracts
third months We rose SPAC loss primarily unrealized a through relating change income investment. income other year, to and resulting experienced of X $XXX,XXX the income investment fees, the million $X.X the first quarter, to unrealized due X the moderately Corp., Oxbridge the of negative in in of net loss administrative year. our investment in to negative Acquisition a Our months through first the our due value equity fair
we In illiquidity unrealized in to compared of The continues our last to the change to SPAC. prior year. recognized at of booked the due substantial the in investment in had net a income main our current gain, one factors third year this the be discount $X.X million investment quarter, year's
global capital $XXX,XXX experiencing. securities market challenging a the recognized at environment fair all the value September our we largely also in due are of XXXX, change to We XX, negative equity
declining in investment on XXXX All in of of the together year, first total revenue $XXX,XXX which SPAC. included $X.X for million negative months mentioned million X to $X.X I the gain factors unrelated last taken compared to resulted
in acquisition costs the included the due quarter contracts reinsurance in adjustment a of XXXX were of Total up loss general and losses result expenses primarily Ian. months million admin expenses insurance the to first loss from [indiscernible] and expenses, -- included X resulting through third X loss $X.X policy on limit as Hurricane
cost and have this addition, higher personnel general due year expenses In we inflationary and cost experienced to pressures. admin
third loss due net quarter, loss investments we tax loss experienced With September third last income and of or net the in $X.XX XXXX, $X.X -- or in the year. per respect the $X.X period loss ended $X.XX unrealized loss, third $X.X of share and income significant million the net million for comparable to $X in compared to X-month XX, per the a a the Hurricane and and period to XXXX million adjustment quarter third on the share of Ian quarter largely year in in million
ratios discussed respect as we growth we calls, to have With investor on use our analyze measures financial our to and various before business of our operations. profitability
ratio, Reinsurance ratio. examining business, ratio our loss and acquisition we expense For ratio, measure profitability combined underwriting by our
incurred the loss adjustment loss Our to is loss of which profitability, ratio measures net expenses ratio, premium spend. underwriting and
for quarter losses X-month only and XXX.X% due contracts increases for result a partially to the net ended of respective earned. and a the premiums XXXX, the limit compared X suffered denominator to are of XX, The higher our September loss as Hurricane by period prior-year respectively, to The ratio and XXX.X% on XXX.X% periods. increased regions Ian, in XX.X% offset
the policy in period. for efficiency, acquisition operational acquisition marginally compares ratio, decreased quarter ratio third earned, of this XX.X% to prior-year XX% costs compared XX% which first XXXX cost in measures to the Our increased net premiums X to the months and and marginally
quarter compares September and admin measures and respectively, to XXXX, expenses, respective performance, Our and net operating policy which and period. prior-year to with for earned. and for decreased costs The X XXX.X% months ended XXX.X% compared the expense XX.X% expense acquisition XX, XX.X% ratio, premiums ratio general the
a policy administrative compared a partially premium The XXXX general expenses net as the result earned costs by and and in higher premiums due to to year. decreases acquisition in increased of denominator prior acceleration, offset are
Our increased respectively, The loss period. expense of quarter prior to September ratio, XXX.X% year the ended for used sum is the the for the and XXX.X% respective ratio and and compared period ratio. performance, to XX, XXXX, is XXX.X% combined X-month measure which to the and combined underwriting ratio XXX.X%
The again Hurricane ratio in the the was loss Ian limit in as increased increase to well quarter due third administrative increase during expenses. resulted as general and loss the
Now turning balance sheet. the to
September at partially the due at $XXX,XXX losses $XXX,XXX due to volatile to from increased by portfolio equity XX, securities, purchase net to XXXX experienced we of unrealized investment the year-end, markets. offset capital Our primarily
at and Cash XX, with in value change of equivalents as December $X.X or and Acquisition decreased to XX, XXXX. value at mentioned, quarter book Corp. shareholders' $XX.X cash share. cash million Oxbridge due negative Other at investment XXXX investment September equivalents compared decreased, to million $X.XX end Total the was million per cash in equity fair -- the $X.X
before turn questions. now I'll take Jay up call we to wrap to the your back
