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 19th consecutive year. This year’s credit is at a level of 5% of our total policyholder surplus or $47.4 million. Since 1987, we’ve returned $781.2 million to our members in general liability and directors and officers liability continuity credits – $257.5 million has been returned in just the last five years.
The Company’s growth and diversification continue to enable us to write somewhat higher loss ratios in excess liability and D&O than would be common in the commercial sectors. The financial strength gained from this strategy also helped the Company absorb the significant hurricane losses of 2005 and maintain our strong policyholders’ surplus position. The Board’s decision to keep the continuity credit at the 5% level is an expression of their confidence in our business plans and robust condition.
The details regarding your company’s specific general liability or D&O credits will be sent to you via U.S. mail in the next few weeks along with materials that describe how they can be applied to your future premiums. In addition, the Board approved $2.0 million in premium credits for members who renew coverages placed through our Lloyd’s syndicate. Now in its second year, the London premium credit program allows eligible members to share in the positive underwriting results of our London operation. We will advise each participating member of their 2006 London credit, and provide a detailed description of the program definitions and guidelines, via letter within the coming weeks.
Please contact your AEGIS underwriter if you have any questions or comments.
Our new training workshop for electric utility personnel, "Investigating Electrical Incidents," will be held again on June 28 and June 29 at Progress Energy in Clearwater, FL.
This day-and-a-half training workshop provides AEGIS members with information needed to properly investigate incidents involving inadvertent or intentional contact with an electric utility’s system equipment, power lines and supporting structures. Attendees will learn about the objectives of investigations, determining the causes of incidents, conducting witness interviews, National Electrical Safety Code clearance rules, and the importance of properly collecting, documenting and retaining evidence.
AEGIS member company personnel from operations, claims, engineering and safety are welcome to attend. Those who are responsible for field investigations are particularly encouraged, including operations supervisors, T&D engineers, claims investigators and safety professionals.
The workshops, breakfast and lunch are complimentary; however attendees will be responsible for their own travel and accommodations.
To register online, please visit the AEGIS website. For more information, please contact Frank Del Vecchio by e-mail or phone at 201.508.2733.
Our move from Jersey City to East Rutherford, NJ will take place over the Memorial Day weekend. The Jersey City office will close at 3:00 pm on Friday, May 26 and the new office in East Rutherford will open on Tuesday morning, May 30. During the move, AEGIS employees can be reached, as always, via e-mail or by cell phone. Our main phone number, 201.521.1200, will continue to be staffed by an after-hours service during non-business hours. In addition, you can find the cell and/or home phone numbers of many of our division and department heads on the password-protected section of the website. On Tuesday morning, May 30, our new mailing address and an updated employee directory will be available on our website. Calls to the old telephone numbers will be forwarded to our new main telephone number for three months. It is important that you update your records to reflect our new contact information as soon as possible after our relocation. In the meantime, however, please continue to direct all correspondence to our current address in Jersey City. We look forward to seeing you in our new office soon!