I would ask Craig Howie to answer that. As far as the Logan AUM question, our Logan AUM was we were able to grow the AUM slightly this quarter, but it is down from year-end. If you're raising equity capital, certainly, earlier in the year was a good time to do it instead of waiting toward election times. So while you're seeing rate ahead of loss trend, and frankly, you're seeing some frequency benefit on some lines of business, at this point in time, we think it's just prudent to maintain the loss picks where they are. [Operator Instructions] And we'll first take our question from Mike Zaremski with Credit Suisse. I think unlike a natural catastrophe, there's going to be hours clauses, there's going to be bench definitions, there's going to be different attachment points, et cetera. We sequentially improved our underwriting profitability in the second quarter, and we continue to demonstrate strong structural expense management discipline. [Operator Instructions]. Mike Zaremski -- Credit Suisse -- Analyst. We expect we like Florida, but we were disciplined. Most of our peers are in the 20% and upwards of 30% range, as you well know. If we were to identify a need for additional capital, our low debt ratio gives us high degree of flexibility. Of the $30 million loss provision for the second quarter in our specialty insurance business, the majority was from event cancellation and postponement policies as the nature and duration of the pandemic has increased the likelihood of cancellations into early 2021. We also have a very low debt leverage, right? Now I did say in my remarks that this environment is very fluid. And so the reason I'm asking the follow-up then leads to the reinsurance side of that. Yeah. The health and safety of our employees and our customers are paramount. Is it changing or is it kind of plan A is still is just let's keep kind of trying to grow the top line in excess of our ROE, less the dividend and we'll just kind of use up our excess over the coming three, five years that way? Yes, Yaron, happy to talk about that. We'll take our next question from Phil Stefano with Deutsche Bank. It sounds like the environment is a very constructive one, and you see it probably with legs going into 2021. Yes. So we'll do it, but we'll also be we'll do it based on what the market terms and conditions are, what the clients' demands are, but we'll also be looking across all lines of business and territories to really build the best book we can. We are a global company, and I would expect that we will have some loss out of that. We expect to maintain our asset allocation and a conservative, well diversified, high credit quality bond portfolio with conservative duration. Our focus is on sustainably growing a balanced and diversified insurance and reinsurance portfolio by line of business and geography through the relentless execution of our strategies to deliver consistent underwriting profitability. So has your thought process changed in terms of the opportunity cost of holding a lot of excess capital? We are enhancing and sharpening the strategy and tightening the execution and operating rhythms. So it's less than $5 million. Our first priority is to profitably deploy our capital for organic business growth in this hardening market environment. You're one step closer to unlocking our suite of comprehensive and robust tools. While the casualty market improved, we still walked away from some large renewals priced below our return requirements. Okay. With that, I turn the call over to Juan Andrade. Company Website.
And so they do need to buy proportional treaties. Mike's promotion is an acknowledgment of the key role he played in the growth of the insurance business over the past several years and provides continuity so Everest can execute on our winning strategy. And then final question, and I know quarterly numbers again bounce around a lot, but the within insurance, the other specialty line was down year-over-year. And our shareholders' equity grew to a record $9.3 billion as of June 30. On the margin side, the focus is on underwriting profit. So what we've seen, a couple of things.
We feel very good about where Everest stands right now. This environment gives us the opportunity to better shape our book toward deals with better terms and pricing and walk away from others that do not meet our pricing hurdles.
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