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spk01: Now I'll turn the call over to Frank O'Neill, who is appearing for a one-day only limited engagement.
spk00: Frank O' Thank you, Bailey. Good morning, everyone. We reported on third quarter results in a news release issued November 8, 2023, and on our quarterly report on Form 10-Q, which was also filed on November 8, 2023. Included in those documents were cautionary statements about the significant risks uncertainties and other factors that are out of the company's control and could affect Pro Assurance's business and alter expected results. Please review those statements carefully. This morning our management team will discuss selected aspects of their quarterly results on this call and investors should review the filing on Form 10-Q and accompanying press release for full and complete information. We expect to make statements on this call dealing with projections, estimates and expectations and explicitly identify these as forward-looking statements within the meaning of the U.S. federal securities laws and subject to applicable safe harbor protections. The content of this call is accurate only on November 9, 2023, and except as required by law or regulation, Pro Assurance will not undertake and expressly disclaims any obligation to update or alter information disclosed as part of these forward-looking statements. Our management team also expects to reference non-GAAP items during today's call. The company's recent news release provides a reconciliation of these non-GAAP numbers to their GAAP counterparts. On the call with me today will be Ned Rand, President and CEO, Dana Hendricks, our Chief Financial Officer. Also joining are the Executive Leadership Team members Rob Francis, Kevin Shook, Ross Taubman, and Karen Murphy. Now I'm going to turn the call over to Ned.
spk01: Thank you, Frank. It's nice to have you back. Thanks for coming out of retirement briefly while we try to fill a vacancy in our I.O. role. I really appreciate that. And good morning to everybody. In reporting our results for the third quarter, we note both the realities of current market conditions and are resolved to respond appropriately. Dana and I look forward to providing insights into the evolving market. I want to address the seven cents per share operating loss up front. Unfavorable development in our workers' compensation book of business is the primary reason for the loss. And while disappointing, our actions are consistent with our historical practice of recognizing negative trends as they present themselves. While that reserve development resulted in the headline loss number, it also masked positive trends that I think point to better results ahead. Gross written premiums were up 4% quarter over quarter, and new business was significantly higher, while retention remained strong. This signals not only an appreciation for the quality of the service and strength we provide to our insureds, but as a testament to the dedication and effectiveness of our team members and distribution partners who are helping us earn new business in retaining insureds in these extremely competitive market conditions. I suppose the legitimate question would be why are we growing given current market conditions? Our strategy in both lines have been
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