We are pleased to report that AEGIS had another successful year in 2014. Our audited financial results are not yet finalized, but preliminarily, surplus grew in 2014 by $66 million to $1,222 million, a new high for AEGIS. We’ve now grown surplus by $464 million since 2008.
 
Our overall combined ratio of 90% is one of the best we’ve had in the past 20 years. This was comprised of a U.S. operation combined ratio of 92% and a London combined ratio of 88%. Most noteworthy, we exceeded our plan with an 11% premium rate increase across our excess liability book, which is a strong indication of the continuing membership support of AEGIS and our need for premium increases over the past several years. This resulted in a much improved excess liability combined ratio of 94%. Gross written premiums for the year were $1,348 million, which is $68 million over the prior year and also a record high for AEGIS. Thanks to all our members and brokers for that great support to help get us where we need to be!
 
Improving our combined ratio was certainly essential this year as our total gross investment return for the year was 2.8%. Fortunately, we had equity returns of 8.9% to supplement our fixed income return of 2.3%.
 
We’re still in the process of finalizing our year-end audit and we look forward to sharing our final audited financial statements with you when we publish our annual report in April.