Hey, thanks. He traveled across the state noting the damage to the state’s corn. Given your optimism on pricing, how do you think about your return potential in the next few years if sort of the cat levels over the last few years are more of a trend as opposed to an operation? Hi. I don't think this is a 1:1 rate change and then markets begin to return to a softening phase. As usual, I will divide my comments between our Property and Casualty segments.
The wind devastated the power grid, knocking out power for 800,000 people across the Midwest. After the derecho’s destruction, many were left homeless. This year, it is already clear that we are experiencing an especially active season for both wildfire and wind. These mark-to-market gains were predominantly in our fixed maturity and equity investment portfolio with equity gains driven by our strategic investment portfolio.
Our results were driven predominantly by natural catastrophe losses with little impact from COVID-19 losses in the quarter.
So I think in a market, yes, the reinsurer's always exposed to the negotiation with the cedent. Part of the reason for that is the retro market is extremely dislocated, which has a levered effect on how much reinsurance capacity reinsurers like to sell.
The government said it would approve the aid, but so far we have only received the approval of $45 million. 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. My first question.
RenaissanceRe (U.K.) Limited was acquired as part of the TMR transaction and primarily wrote long-tail commercial auto business. That said, we do not anticipate that all of the notifications will crystallize as paid losses.
So we did a lot of work. Cumulative Growth of a $10,000 Investment in Stock Advisor, RenaissanceRe Holdings Ltd (RNR) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $RNR, RenaissanceRe Holdings Ltd (RNR) Q2 2020 Earnings Call Transcript, RenaissanceRe Holdings Ltd (RNR) Q4 2019 Earnings Call Transcript, RenaissanceRe Holdings Ltd (RNR) Q3 2019 Earnings Call Transcript, RenaissanceRe Holdings Ltd (RNR) Q1 2019 Earnings Call Transcript, RenaissanceRe Holdings Ltd (RNR) Q4 2018 Earnings Conference Call Transcript, Copyright, Trademark and Patent Information. One homeless woman had stayed outside with six children, one of them two-weeks-old. But first, I'll turn it over to Bob to discuss the financial performance for the quarter. Thanks.
Shelley has written a language arts curriculum and a piano theory curriculum. Overall, our casualty combined ratio was 99.9%.
DERECHO IN MIDWEST TRAVELED 770 MILES IN 14 HOURS, FLIPPED TRUCKS AND SMASHED A GRAIN ELEVATOR, An Iowa State Trooper on Monday captured on radar winds topping 90 mph as a derecho blasted across the state. I think year-to-date, you're growing at about, what, 30-ish percent gross premiums written. [Operator Instructions] Your first question this morning comes from Elyse Greenspan from Wells Fargo. We also passed out the beanies to students at a high school on a reservation in Montana. Our ability to increase lines on targeted deals that were oversubscribed substantiates our strategy to build options with core trading partners. Jamminder Singh Bhullar -- JPMorgan Chase & Co -- Analyst.
Stock Advisor launched in February of 2002. Cedar Rapids resident Tracey Hagen Koffron pled with friends over social media. What are your thoughts kind of as we head into 2021 on reinsurance demand from a buyer's perspective? Mutual Fund and ETF data provided by Refinitiv Lipper. Market conditions continued to improve as the natural catastrophe activity of the quarter further restricts supply in an already unbalanced market. While there have always been natural cycles of variability in sea surface temperatures, we believe recent increases are primarily a product of climate change. And on those, we're developing them on our best estimate of the portfolios. Included in this operating loss is $322 million of net negative impact resulting from Q3 2020 large loss events. The replay can be accessed by dialing (855) 859-2056 U.S. toll-free or one (404) 537-3406 internationally. It's an ongoing pandemic event, and it's something that we're going to continue to need to monitor. It's important to recognize, however, that for the most part, these processes remain at an early stage. I want to take a minute to discuss capital deployment opportunities.
My first question, Kevin, on -- I was hoping to get a little bit more color on your specific pricing outlook for January one in terms of both what you would expect in the U.S., Europe as well as in the retro markets.
Because it’s not called a tornado or hurricane the federal government isn’t calling it a disaster.”. The derecho shelf cloud engulfs Mike Campbell in Sioux City, Iowa. Great.
IOWA STATE TROOPER'S RADAR RECORDS WINDS TOPPING 90 MPH DURING DERECHO IN MIDWEST. This has obvious implications for ILS investors. Kevin? But should we think of the current dislocation in the ILS or the retro market? During the third quarter, the casualty segment also experienced favorable development of 3%, driven by a variety of specialty lines. Good morning, everyone, and thank you for joining today's call. The storm may be over, but the work has just begun. Joshua David Shanker -- BofA Merrill Lynch -- Analyst. Houses. One resident, Brandi Burkett, started a Facebook page to collect things for storm victims (see below).
So let me divide your comments first, between Property and Casualty, and then I'll talk more generally. Management fees were $30 million, up 23% from the comparable quarter, driven by increases in assets under management at DaVinci, premier and Upsilon. Annualized operating return on average common equity was negative 7.7%, with the loss primarily driven by the Q3 2020 large loss events.
[Operator Instructions] Please be advised that today's conference is being recorded. This combination of high and strong winds results in the dramatic spread of damaging fires as we have experienced in 2017 and '18. Farmers with non-insurable crops who suffer crop losses or lower yields may be eligible for help under USDA’s Noninsured Crop Disaster Assistance Program if the losses were due to natural disasters. Let me work on something. The overall combined ratio for the Property segment was 140%, with property catastrophe and other property reporting combined ratios of 159% and 113%, respectively. And when you look at various cedents in the Casualty markets who might be interested in sending you business, what is your sense of the -- of their reserve adequacy? And from a reinsurance perspective, we want to provide capacity to allow that for that protection to be available. I mean, thinking that, one, we've had a lot of frequency of events do you think that one increase demand? “There was no time to prepare for this.”.
Authorities said the cleanup efforts wouldn’t be done anytime soon.
So while our results for the third quarter reflect an elevated level of activity, these are risks that we fully understand and are paid to take. To gain a true competitive advantage, this insight must be accurately reflected in the cat models used to price risk. In November of 2006, as part of our mission to serve the community, we began to fight hunger by gathering and distributing food, engaging in partnerships that advance self-sufficiency, and by providing leadership on issues related to hunger.
Furthermore, he assured Iowa that he would get the needed disaster aid approved. Moving on from climate change. Ultimately, some of those claims may be presented to reinsurers. Like are your reserves sort of contemplating whatever you've gotten from the -- from your clients? Utility crews worked around the clock to restore electrical service and fix storm damage.
Please go ahead. Yes. Crews throughout the region have been working around the clock to restore electricity, but they’ve been hindered by downed trees blocking roads or on top of power lines.
And when we think about the deployment of capital that I'm mentioning, I'm thinking about it much more long term of 2021 to deploy, 2022 to harvest some of the deployment that we've had. It's important to point out.
It wrote some structure deals, some aggregates and some retro.
Calls reporting fires increased as people burned candles and cooked over flames. The Carson King Foundation and Iowa Love are selling t-shirts to raise money.
What’s more, communication was a struggle. I will point out that if you look at the ACE Index and think about the frequency of moderate storms that we've experienced this way, and then you compare it to 2004, the ACE Index would indicate that there was a lot more energy created from the storms of 2004. It just depends on which balance sheet we choose to put it in or which vehicle we choose to put it in. Do you feel that pricing is adequate? And I am proud of the role we play helping people when they need it most. A derecho is an inland category 2-3 hurricane blowing between 100-130 mph. So I'm optimistic long term about the market. But many others may be without service until their power is restored, a process that could still take days. Approximately half of this gain is an accounting adjustment for the prior quarter related to the Tokio Millennium Re integration. Our focus on superior risk selection should prove increasingly valuable as the combination of historically low interest rates, the Q3 2020 large loss events and material trapped capital put additional upward pressure on reinsurance rates.
So it's a more complicated conversation.
I think we are a long way from understanding the impact of the virus and the shutdowns. Formation is certainly high. I guess my question, Kevin, is with your financial supplement and the materials that you give us, if we sat down for half an hour, what would be the main metrics that you would point me to that are actually showing, in your mind, in your view that, yes, look like our earnings power here is really increasing. She is also an adjunct professor teaching classes in marketing, advertising and entrepreneurial studies and she earned her MBA from The Anderson Graduate School of Management at UCLA. In some ways, this is clearly like one of the best stories in P&C, but it's in a lot of ways, just dependent on whether or not we have an elevator or not elevated cat year in 2021. Making the problem worse, human behavior can interact in complex ways with climate change to amplify risk of loss. A derecho can cause destruction similar to the strength of tornadoes; but in comparison, is a relatively straight path.
Moving now to our Property segment, where gross written premiums increased by $113 million or 36% from the comparable quarter. “It feels like we got kicked in the teeth pretty good,” said Dale Todd, a member of Cedar Rapids' city council.
Contrary to some perspectives, accurately pricing for climate risk does not put us at a competitive disadvantage to our peers, rather an industry-leading understanding of the influence of climate on risk is a key component of superior risk selection allowing us to shape our portfolios but growing on the best business and shrinking on the worst. The premium cost of this cover is reflected in the current accident year loss ratio for our casualty segment, contributing about two points. We went inside and watched from the basement as high winds knocked down trees and peeled off roofs. And how much more aggregate losses you could potentially see in the fourth 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. Northern Indiana Public Service Co. reported about 18,500 of its Indiana customers were still in the dark.