The passcode you will need for both numbers is 2968847.
On the West Coast, California wildfires have already consumed more than four million acres in 2020, which is more than double either 2017 or 2018, and has resulted in over 90 million metric tons of carbon dioxide being released into the atmosphere.
For perspective, this is 1.5 times more carbon dioxide than is released in powering the entire state for a year.
First, California's climate is hotter and drier now than at any time in the past 120 years.
Starting with our consolidated results, where we reported an annualized return on average common equity of 2.8%, benefiting from mark-to-market gains in our strategic investment portfolio.
Annualized operating return on average common equity was negative 7.7%, with the loss primarily driven by the Q3 2020 large loss events.
We grew our book value per common share by $0.86 or 0.6% and our tangible book value per common share plus accumulated dividends by $1.24 or 1%.
Year-to-date, we have grown tangible book value per common share plus change in accumulated dividends by 14.6%.
Net income for the quarter was $48 million or $0.94 per diluted common share.
We reported an operating loss of $132 million or $2.64 per diluted common share.
This excludes net realized and unrealized gains on investments, the sale of RenaissanceRe (U.K.) Limited, net foreign exchange gains and expenses related to the integration of TMR. Included in this operating loss is $322 million of net negative impact resulting from Q3 2020 large loss events.
On a consolidated basis, we reported underwriting loss of $206 million for the quarter and a combined ratio of 121%.
Gross premiums written for the quarter were $1.1 billion, up $282 million or 33% from the comparable quarter of last year.
Approximately 60% of this growth came from our Casualty segment and 40% came from Property.
Moving now to our Property segment, where gross written premiums increased by $113 million or 36% from the comparable quarter.
The overall combined ratio for the Property segment was 140%, with property catastrophe and other property reporting combined ratios of 159% and 113%, respectively.
We reported a current accident year loss ratio for the Property segment of 122%.
And as we've indicated in the past, our other property class of business is exposed to catastrophe risks with the Q3 2020 large loss events, adding 30 percentage points to its loss ratio.
Favorable development for the Property segment during the quarter was 8%, with property catastrophe experiencing favorable development of 11% and other property experiencing favorable development, up 3%.
The underwriting expense ratio for Property was 26%, which is flat to the comparable quarter.
Now moving on to our casualty segment, where our gross premiums grew $169 million or 31%.
Overall, our casualty combined ratio was 99.9%.
The current accident loss year ratio was 76%, which is seven percentage points higher than the comparable quarter.
First, $10 million of IBNR related to Hurricane Laura in our marine and energy book; second, increased reserves from our private mortgage insurer book, which did not impact the combined ratio; and third, $15 million in ceded premium for our new Lloyd's adverse development cover.
The primary mortgage insurers are required to report loans as delinquent net 60 days without payment even if the loans are in forbearance or payment holiday and otherwise expected to perform long term.
We closed this transaction in August to reinsure the casualty reserves for our Lloyd's syndicate for the 2009 through 2017 underwriting years.
During the third quarter, the casualty segment also experienced favorable development of 3%, driven by a variety of specialty lines.
Now moving to our second driver of profit fee income, where total fee income for the third quarter was $18 million.
Management fees were $30 million, up 23% from the comparable quarter, driven by increases in assets under management at DaVinci, premier and Upsilon.
This was offset by negative $12 million in performance fees due to the impact of catastrophe events on DaVinci and Upsilon.
Year-over-year, total fees are up 8%.
The net noncontrolling interest charge attributable to DaVinci, Medici and Vermeer for the quarter was $19 million.
The $19 million is passed on to our partner capital, reducing our operating earnings accordingly.
We reported total investment results for the third quarter of $308 million with realized and unrealized gains of $224 million.
Our fixed maturity and short-term investment income for the quarter was $70 million, and overall net investment income for the quarter was $84 million, of which we retained $65 million and shared the remainder with partner capital.
Our managed investment portfolio reported yield to maturity of 1% and duration of 2.9 years on assets of $18.6 billion while our retained investment portfolio reported yield to maturity of 1.3% and duration of 3.7 years on assets of $13 billion.
Direct expenses, which are the sum of our operational and corporate expenses, totaled $97 million for the quarter, which is an increase of $30 million from the third quarter of 2019.
The ratio of direct expense to net premiums earned was 10%, an increase of more than two percentage points from the comparable period last year.
This increase was driven by corporate expenses, which increased by $34 million or three percentage points on the corporate expense ratio.
Included in corporate expenses were $32 million related to the loss on sale of RenaissanceRe (U.K.) Limited and associated transaction-related expenses and $5 million of one-off items, including expense related to senior management departures.
Excluding the impact of RenaissanceRe (U.K.) Limited and the one-off items I just described, the ratio of direct expense to net premium earned was 6%.
And the operational expense ratio also declined by 1% point due to the reduction in office travel expense related to COVID-19 restrictions.
Finally, we reported a $17 million foreign exchange gain.
With GCE forbearance speaking at around 6.4% in May, and have been consistently reduced since that time.

Summary:
Net income for the quarter was $48 million or $0.94 per diluted common share.
We reported an operating loss of $132 million or $2.64 per diluted common share.