Last night we reported third quarter operating earnings of $0.42 per share.
In a quarter that was impacted by a number of severe hurricanes, we achieved 9% top line growth and posted a 99.5 combined ratio.
Positive net earnings drove book value per share up 13% for the year inclusive of dividends to end the quarter at $24.40.
Pricing momentum continued in a number of our products and the pandemic's influence was modest this quarter with casualty posting 11% top line growth, where property and surety were up 8% and 1% respectively.
Recorded losses from hurricanes Hanna, Isaias, Laura and Sally are within our pre-announced range and stand at $39 million net of reinsurance.
$35 million of that is from our property segment and $4 million impacted casualty where a number of our package policies are reported.
Net of bonus related impacts, these losses totaled $33.2 million or $0.58 per share net of tax and added 15 points to the quarter's combined ratio.
Overall, the quarter's loss ratio was 58.9.
This resulted in recording $4 million in COVID-19-related losses, $3 million in casualty and $1 million in surety.
Year-to-date reserves established for COVID-19 totaled $15 million.
By segment amounts recorded totaled $2 million for property, $3 million for surety and $10 million for casualty.
Offsetting reserve additions in the quarter were approximately $25 million in net benefits from prior year's reserve releases.
By segment, casualty totaled $19 million with the majority of products posting favorable experience.
Surety posted $3 million of benefits and property was $3 million, inclusive of some reductions in prior year's storm losses.
Our quarterly expense ratio remained below last year, down 1.3 points to 40.6.
Despite some September volatility for equities the portfolio again produced positive results and a 2.2% total return.
As Todd mentioned, we were able to grow top line 9% and still deliver a small underwriting profit for the quarter despite significant headwinds.
2020 has been an unprecedented year to say the least, with 10 named storms making landfall in the Continental US, wildfires across a large portion of the West, a derecho in the Midwest, civil unrest in many cities and an ongoing global pandemic.
In casualty, we were able to grow 11% while reporting a 90 combined ratio.
Rates are up 10% across the segment driven by excess liability coverages and automobile exposures.
Our commercial excess liability rates were up about 11% for the quarter, while our executive product rates were up more than 35%.
Our personal umbrella business also continues to grow with more than a 50% increase for the quarter and year-to-date from investments made in technology, new and existing distribution partners as well as market disruption.
Our transportation business continues to be challenged on the top line shrinking 8% for the quarter and off more than 40% year-to-date, largely driven by the negative impact that COVID-19 has had on the chartered transit and school bus sector.
Casualty market dynamics do appear bifurcated in that primary casualty products with limits of $1 million or less, many construction risks and workers' compensation still remain very competitive.
For RLI this includes about 35% of our casualty portfolio represented by products like small professional liability, admitted and non-admitted general liability and package policies.
In property, we achieved 8% growth but reported a sizable underwriting loss as a result of the four named storms we experienced during the quarter.
For the entire property segment, rates are up about 14% for the quarter and 12% year to date.
Wind-only rates are up over 40% in the quarter, which is the fifth consecutive quarter we have achieved increasing price momentum.
Our overall exposures have remained relatively flat while growing our property premium about 10% year to date.
The surety segment was able to grow 1% reported, an impressive 75 combined ratio for the quarter.

Summary:
Last night we reported third quarter operating earnings of $0.42 per share.
Net of bonus related impacts, these losses totaled $33.2 million or $0.58 per share net of tax and added 15 points to the quarter's combined ratio.