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This resulted in annualized return on average common equity of 27.6% and annualized operating return on average common equity of 16.8%.
Since the second quarter -- we have -- of 2020, we have raised $1.1 billion in equity capital, raised over $1 billion of partner capital, grown gross written premiums in our in-force portfolio by $1.8 billion, earned $1 billion in net income and returned over $700 million to our shareholders through share repurchases and dividends.
Starting with our consolidated results where we reported net income of $457 million and operating income of $278 million for the quarter.
This produced annualized return on average common equity of 27.6% and annualized operating return on average common equity of 16.8%.
Gross premiums written were up $392 million or 23% with the Property segment growing $141 million and the Casualty segment growing $251 million.
Year-to-date, we have grown net premiums written by $886 million or 36% and remain on track to grow well over $1 billion.
We reported underwriting profit of $329 million in the quarter and a combined ratio of 72%.
For our Property segment specifically, gross premiums written grew $141 million over the comparable quarter or 14% and we reported a combined ratio of 44%, driven by a lack of cat losses and strong performance in our other property business and $51 million in prior year favorable loss development.
Growth in gross premiums written was $50 million or 7% in property cat and $91 million or 28% in other property.
As a result, we currently only retain about 28% of the gross premiums written in our property catastrophe business.
Attritional losses in other property book ran at about 46%.
Our Casualty segment reported gross premiums written of $911 million, growing $251 million or 38% versus the comparable quarter.
We experienced a small amount of favorable development and the combined ratio was 97.8%.
Underlying this was a 67% current accident year loss ratio, which is a 1.4 percentage point improvement from the same quarter last year and consistent with our expectations.
This quarter, there were no significant changes to our COVID-19 loss estimates.
Total fee income was $46 million, which is up from the second quarter of last year.
Overall, we shared $114 million of income with the partners in our joint ventures as reflected in our redeemable non-controlling interest, driven by profitable performance and a low cat quarter and prior year favorable loss development.
Our Medici and Epsilon funds raised in aggregate over $200 million in new quarter capital this year, which we deployed it to June 1 renewal.
You will see that on the bottom of Page 11, we have broken out our fee income to show its contribution to underwriting results.
Net investment income was $81 million and we had $191 million of mark-to-market gain.
This resulted in total investment returns of $272 million.
The decrease in interest rates has lowered the yield on our retained fixed maturity and short-term investment portfolio to 1.3%.
The duration on a retained portfolio remained roughly flat at 3.8 years.
And turning now to our expenses and starting with the acquisition expense ratio, which was up slightly to 24%.
This was driven by casualty acquisition ratio, which increased by 1 percentage point to 28%.
The current expected run rate of our casualty acquisition expense ratio is in the upper-20%s.
Our direct expense ratio, which is the sum of our operational and corporate expenses divided by net premiums earned, was flat from the prior quarter at 6%.
On an absolute basis, operational expenses were up in the quarter but remain below 5% as the ratio to net premiums earned.
Earlier this month, we issued $500 million of our Series G Perpetual Preference Shares with a fixed for life dividend of 4.20%.
We plan to use $275 million of the proceeds to refinance our 5.375% Series E preference shares, which we have already been called and the remainder of the proceeds for general corporate purposes.
As a reminder, last year, we redeemed the outstanding $125 million of our 6.08% Series C Preference Shares and retired $250 million of our 5.75% senior debt.
So in total, we have replaced $650 million of capital at an average cost of 5.67% with $500 million of capital at a cost of 4.20% [Phonetic].
Even with the incremental $225 million raised this month, we are comfortable with our various capital ratios which are stronger than two years ago.
Also in the quarter, we participated in the issuance of additional $250 million tranche of our Mona Lisa cat bond.
As Kevin noted, since June -- since last June, we have earned $1 billion.
In the second quarter of 2021, we continued returning these earnings to shareholders repurchasing 1.9 million common shares for $309 million.
This works out to an average price per share of about $159 and an average price to book value of 1.1 times our current book value.
Subsequent to the quarter-end, we continued to repurchase shares and, as of July 19, had repurchased an additional 920,000 shares for $138 million at an average price of just over $149 a share.
In total this year, we have purchased 3.9 million shares for $618 million at an average price of $157 per share.
This has reduced our share count by about 7.8% from the year-end 2020 total.
Our common equity now stands at $6.7 billion.
To be clear about the use of the $1.1 billion of common equity we raised last year, that money has been fully downstreamed into our operating entities to support the attractive opportunities we took advantage of to substantially grow our book this year and position us well for the future.
We have been closely following recent G7 and G20 announcements on setting a global minimum corporate tax, the OECDs work on Pillar 1 and 2 and President Biden's proposals for US tax changes.
We have the platforms, capital and expertise to focus across classes to target and obtain the best risk due to the long-term relationship that we've cultivated with customers for over 25 years.
This is evident in the 28% year-on-year growth, which our other property book has delivered and we now have an in-force portfolio of over $1 billion.
The Florida renewal saw rate increases averaging 5% to 20% with abundant capacity for upper layers, while many lower layers struggled to get placed, especially if they were loss impacted.
As we anticipated on last quarter's call, we reduced the number of Florida programs that we wrote from 18 to 13, which is a continuation of last year's trend when we reduced from 25 programs.
I reiterate that the Florida domestic market now represents less than 3% of our gross written premiums.
Inflation has been in the news recently with headline CPA in May exceeding 5%.
We have grown our Casualty business by more than 300% since 2015 on an in-force basis.
This includes adding over $1 billion of new business in the last 12 months, also on an in-force basis, which should position as well as the market has clearly improved.
Rate changes have been greater than 40% year-on-year and the market has been growing by about 25% each year for the previous five years.
The big news for this quarter was that our Medici capital and fund surpassed $1 billion in capital under management.
Since 2015, we have grown our Capital Partners business from four vehicles and $6 billion in capital to six vehicles with more than $11 billion in capital.

Summary:
This quarter, there were no significant changes to our COVID-19 loss estimates.