Operator

Good morning. Welcome to Trisura Group Limited's First Quarter 2026 Earnings Conference Call. On the call today are David Clare, Chief Executive Officer; and David Scotland, Chief Financial Officer. David Clare will begin by providing a business and strategic update, followed by David Scotland, who will discuss financial results for the period. [Operator Instructions]

I'd like to remind participants that in today's comments, including in responding to questions and in discussing new initiatives related to financial and operating performance, forward-looking statements may be made, including forward-looking statements within the meaning of applicable Canadian and U.S. securities law. These statements reflect predictions of future events and trends and do not relate to historic events. They are subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts, please see Trisura's filings with the securities regulators. [Operator Instructions] Thank you. I'll now turn the call over to Dave Clare.

David Clare
President, CEO & Director

Thank you, Daniel. Good morning, everyone, and welcome. We had a strong start to the year, extending consistent execution and momentum for 2025, underpinned by quality underwriting and a customer-focused approach. This is our best Q1 operating net earnings in our history, demonstrative of our ability to grow profitably through expansion. Underwriting performance was robust with an 84% combined ratio and book value per share growth over 16%, approaching $20 per share.