Good morning. My name is Len Goldberg, Chief Executive Officer of Greenlight Re. Thank you for taking the time to join us today. In the second quarter of 2011, in what remains a challenging market for reinsurers and investors alike, Greenlight Re produced a small gain in our underwriting portfolio and a small loss in our investment portfolio. Overall, our fully diluted adjusted book value per share decreased by 2% in the quarter and by 7.3% for the year-to-date.
Our year-to-date combined ratio of 102.1 has improved from our first quarter 2011 combined ratio of 107.4. This is mainly due to a small reduction in our ultimate losses for storms during this period offset by limited adverse development on a commercial auto program that is (inaudible) us. In addition, we had no additional storm related losses in the second quarter of 2011 as we continue to benefit from right into (inaudible) for peak exposures and high attachment points. Bart will give us more details when he discusses our underwriting results.
Our gross written premium increased by 27% in the quarter compared to the same period in the prior year and by 37% for the year-to-date. In addition, the frequency we are in a business we prefer grew by 44% on a year-to-date basis while severity business declined by 22% reflecting the execution of our strategy. Much of the increase in frequency premiums is a result of further success in our Florida home owner’s portfolio which continues to perform well as we have seen strong rate increases in the Florida insurance market.Our investment portfolio lost 1.9% in the second quarter of 2011 as we maintained (inaudible) position portfolio. We believe our investment portfolio was well positioned for the uncertainty that is ahead of us, but we did have some things worked against us in the quarter which David will discuss further. In the month of July we reported a 1% gain on our investment portfolio.