We’re pleased to inform you that, based on AEGIS Energy Syndicate 1225’s results for 2002, AEGIS and AEGIS International have declared a $1.5 million credit under the AES 1225 Premium Credit Program, announced at the Policyholders’ Conference last July. This credit will be shared among our members who purchased insurance from AES 1225 during 2002 and who also purchase insurance from AES 1225 during 2005. We’ll notify eligible members of their individual credits by letter shortly.
Similar to the Member Property Credit Program, the AES 1225 Premium Credit Program rewards members who consistently use the capacity offered by AEGIS in London. All members, of course, benefit from the Syndicate’s profitability through its contribution to the company’s surplus which is a factor in determining the company’s overall continuity credits. This is true of any AEGIS product line or facility. The AES 1225 Premium Credit Program and the Member Property Credit Program are additional ways for those members who support these facilities to share in their good results. The individual member’s credit under these independent programs is based on the member’s individual positive contribution and the overall profitability of the facilities.
A more detailed description of the AES 1225 Premium Credit Program definitions and rules, including how credits are calculated, earned, paid and a potential returned obligation, is in the underwriting products section on the password-protected side of the site. The AES 1225 Premium Credit Program is not available to AEGIS members located in Kentucky, Illinois or the U.S. Virgin Islands. For more information, please contact Frank Tierney via e-mail or phone at 201.521.4673.