CFO Bryan Petrucelli said net income and net operating earnings increased 27% and 25%, respectively, versus the prior-year quarter. Petrucelli attributed elements of the combined ratio to reserve development and catastrophe losses, noting that the 71.7% combined ratio included four points of net favorable prior-year loss reserve development, compared with 2.6 points in the prior year’s quarter. He also said catastrophe losses were less than a point in the quarter, compared with 2.2 points in the fourth quar ...