By now you should have received our 2015 annual report which describes the audited financial results, as well as the best underwriting results we’ve had in 28 years.  Our bottom-line measure of financial success is policyholder surplus growth, and we grew surplus by $68 million, to $1.290 billion, a new high for AEGIS.  Since the financial crisis in 2008, we have grown surplus by $532 million, thanks to strong support from our members and brokers at renewals and a contribution of almost $300 million from our successful AEGIS London operations.  The theme of this year’s annual report is “Pointing in the Right Direction” which summarizes the reasons your Company is better prepared than ever to fulfill its mission for you in the future, including our financial strength, refreshed strategy, products and services, member-focused culture, people, infrastructure, and support from our members, brokers and Board of Directors.  The 2015 annual report is posted to our website and you can request printed copies at inquiry@aegislimited.com.

Our unaudited results for first quarter 2016 show a satisfactory bottom-line result, with surplus growing $29 million over year-end.  Member and broker support remained strong, however gross written premiums were down $8 million due to competitive pressures in the London market.  Our overall losses for the first quarter were essentially in line with what we expected.  Finally, with more favorable investment market conditions in March, the portfolio produced a positive 1.2% total return, which was 60 basis points above plan.