We’re pleased to report that the AEGIS Board of Directors has approved the issuance of continuity credits to our general liability and directors and officers liability members for the 18th consecutive year. This year’s credit is at a level of 5% of our total policyholder surplus or $48.5 million.
In 2004, our overall surplus grew to a record $971.1 million, thanks in part to a relatively good 5.5% investment return. While our D&O and fiduciary loss ratios were higher than we all might have wished, your company ended the year in a solid financial position, and the Board’s decision to maintain the continuity credit at the 5% level reflects their confidence in our overall financial stability.
Since 1987, we’ve returned $733.9 million to our members in general liability and directors and officers liability continuity credits. The continuity credit is one of the ways we help you achieve the lowest overall cost of risk and it highlights the fact that you are indeed a member and owner of AEGIS, not merely a customer.
The details regarding your company’s specific credits will be sent to you via U.S. mail in the next few days along with materials that describe how they can be applied to your future premiums. Please contact your AEGIS underwriter if you have any questions or comments.
The 2005 AEGIS Policyholders’ Conference will be held Monday, July 25, through Thursday, July 28 at the Westin Bayshore Resort and Marina in Vancouver, British Columbia, Canada. More complete conference details will be distributed in the next week or two, but eligible attendees can register for the conference and reserve hotel rooms now online. The deadline for registration, activities, and hotel rooms is Wednesday, June 29.
AEGIS staff will be available to meet with members on both Monday, July 25 and Tuesday, July 26. The additional time for meetings on Monday was popular at last year’s conference and we’re pleased to offer it again. To schedule a meeting, please contact your AEGIS underwriter, loss control representative or claims representative.
We encourage you to lock-in lower cost airfares now especially if you’re traveling from the East Coast and to take a few moments now to become familiar with the travel documents you will need to enter Canada
Conference registration is complimentary and attendees are invited to bring guests.
AEGIS will reimburse one representative from each member company with a current AEGIS policy written through Jersey City for the cost of three nights lodging at the Westin Bayshore. If you have any questions about your eligibility for reimbursement, please contact Gil Gould by e-mail or by phone at 201.521.4824. Brokers must be connected with a current AEGIS member policy written through Jersey City in order to attend.
If you have any questions about the conference, please contact Carrie White by e-mail or by phone at 201.521.4524. We look forward to seeing you in Vancouver
The second topic in the series of 2005 AEGIS Claims Roundtables, “Managing Mass Tort Litigation,” will be presented in Los Angeles on May 19. Our panel of claims professionals and counsel will discuss mass tort claims affecting utility companies, such as toxic emissions, as well as techniques and tactics to help achieve favorable, cost-effective outcomes.
As always, you're welcome to attend in person or by videoconference, and Continuing Legal Education (CLE) credits are offered. For more information or to register online, please refer to the 2005 Roundtable brochure posted on the AEGIS website. For more information about the AEGIS Roundtable program, please contact Jeff Schupack by e-mail or by phone at 201.521.4627.
The FCC recently designated "811" as the nationwide number for contractors and others to call before conducting excavation activities. The designation of this new three-digit number by the FCC will facilitate the call-before-you-dig process and strengthen Dig Safely programs. It will take time – perhaps a year or more – for the telecom industry, the FCC and others to fully implement the new number across the United States. There are more than 400,000 excavation incidents and about 50 related fatalities each year in the U.S.
AEGIS is a member of the Common Ground Alliance (CGA), the organization leading national efforts to reduce and prevent damage to pipelines and other underground facilities. Our Loss Control Division is a member of CGA’s Educational Programs Committee that develops and promotes public/stakeholder awareness and educational programs that focus on best practices and damage prevention. Additionally, Loss Control is working with members of One Call System International to develop proposed legislative improvements by gathering information on existing laws and underground damage