For the quarter, our operating return on beginning equity was 11.5%, and growth in book value per share, including dividends, was 2.6%. Specialty Insurance grew net premiums earned by 4.7% over the first quarter of 2025 and produced $209 million of pre-tax operating income compared to $260 million. Title Insurance Group grew premiums and fees by 12% over the first quarter of 2025 and produced $16.7 million of pre-tax operating income compared to $4.3 million. With the current interest rate environment, we expect net investment income growth to remain in the low to mid-single digits throughout the rest of 2026.
We ended the quarter with book value per share of $24.53, which inclusive of the regular dividend equated to an increase of 2.6% since year-end, resulting primarily from our operating earnings. As I referred earlier, rate increases remained steady with the fourth quarter that we reported, and that is at a 16% rate increase level, which is in line with loss trends. We also expect to see continuing growth in top-line contributions from our newer specialty operating companies. Title insurance reported premium and fee revenue for the quarter of $678 million.
This represents an increase of 12% from first quarter of last year. The start of the 2026 home buying season was marked by higher inventory levels, lower interest rates, and moderating price growth compared to 2025. While our combined ratio of 100% is still elevated, the improvement reflects increased revenues and the margin expansion efforts we have been working on. While we're seeing some top-line pressure along with some expense pressure in specialty insurance, the fundamentals in specialty remain very strong, and the investments we're making will contribute to continued profitable growth.