Higher costs: He said the benefit was “offset by 4 points of higher acquisition cost ratio and 1.2 points of higher expense ratio.”Lower cat and event losses: Romer said the first-quarter 2026 combined ratio benefited from “10.5 points of improvement due to lower cat and event losses,” with cat and event losses contributing 5.8 combined ratio points versus 18.1 points in the prior-year quarter, which included California wildfire losses.Chief Financial Officer Faramarz Romer said total underwriting income wa ...