Yesterday, we reported second quarter operating earnings of $1.09 per share.
All in, we experienced 25% top-line growth and posted an 84.8 combined ratio.
While investment income was down modestly in the quarter, year-to-date operating cash flow of $165 million has supported growth in our invested asset base.
Realized gains for the quarter were elevated as we rebalanced our equity position, leaving a modest $4 million change in unrealized gains on equity securities.
Aggregate underwriting and investment results push book value per share to $27.46, up 11% from year end, inclusive of dividends.
Property led the way, up 33% as rates and market disruption continue to support growth.
Casualty gross writings improved 24%, with all major product lines contributing.
For Surety, premium was up 11% as our contract and transactional business grew nicely in the quarter.
From an underwriting income perspective, the quarter's combined ratio was 84.8 compared to 88.4 a year ago.
Our loss ratio declined 4.1 points to 44.4.
Storm losses booked in the quarter totaled $8 million, with $7 million impacting the Property segment and $1 million the Casualty segment.
On an underlying basis, if you exclude prior year's reserve benefits and catastrophes, our Casualty loss ratio was down 7 points.
COVID-related impacts in 2020 account for about 4 points of that decline.
Excluding that, however, the loss ratio was still down 3 points.
Our quarterly expense ratio increased 0.5 point to 40.4.
A growing portfolio helped to flatten the curve of investment income, which was down just over 1% in the quarter.
Total return was 2.8% for the quarter, and we continue to put money to work in nearly all environments to stay fully invested.
Maui Jim and Prime contributed $10.6 million and $3.6 million, respectively, both benefiting from robust markets and an improving macro economic environment.
A very good quarter, as Todd mentioned, with 25% top-line growth and an outstanding 85 combined ratio.
In Casualty, we grew top line 24% and reported an 83 combined ratio, as we benefited from significant favorable reserve development.
Rates, overall, are at or above loss cost, as we achieved 6% for the quarter and 7% year-to-date.
Casualty growth excluding our transportation unit was still up 18% for the quarter and 12% year-to-date.
In Property, we achieved top-line growth of 33% while reporting an 84 combined ratio.
Overall, rates were up in Property 8% for the quarter and 9% year-to-date, with catastrophe win continuing to lead the way at plus 17% for the quarter and plus 21% year-to-date.
PMLs for wind are up about 15% for the year, but are still well contained at the 250-year level with reinsurance protection.
In Surety, we reported 11% top-line growth and a 96 combined ratio.
Our commercial, contract and miscellaneous surety markets are growing and remain profitable year-to-date with an 87 combined ratio.

Summary:
Yesterday, we reported second quarter operating earnings of $1.09 per share.
Aggregate underwriting and investment results push book value per share to $27.46, up 11% from year end, inclusive of dividends.