We're pleased to report that the AEGIS Board of Directors approved the issuance of continuity credits to our general liability and directors and officers liability members for the 20th consecutive year. This year's credit is at a level of 5% of our total policyholder surplus or $51.2 million. Since 1987, we've returned $832.2 million to our members in general liability and directors and officers liability continuity credits – $308.4 million has been returned in just the last five years.
The Company's growth and diversification continue to enable us to provide our members with the coverages they need at historically higher loss ratios than would ordinarily be acceptable in the commercial market. Continuity credits are another very tangible example of the benefits of member participation in AEGIS. Our Board of Directors' 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 specific general liability or D&O credits were recently sent to eligible members along with materials that describe how they can be applied to future premiums.
In addition, the Board approved $2.5 million in premium credits for members who renew coverages placed through our Lloyd's syndicate. Now in its third year, the London premium credit program allows eligible members utilizing our syndicate to share in the positive underwriting results of the 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.
The maximum policy limit available on the high excess liability product we offer to members through AEGIS London has increased from $25 million per occurrence to $50 million, effective June 18, 2007. The coverage is available only to AEGIS members and the form closely follows the underlying AEGIS excess liability policy with only a few differences. The minimum attachment point remains $85 million excess of AEGIS and EIM. For more information, please contact Jeremy Smart via e-mail, David Croom-Johnson via e-mail, Chris Terry via e-mail, or call 011.44.207.265.2100.
Eligible members and brokers may register now for the 2007 AEGIS Policyholders' Conference which will be held Monday, July 23, through Thursday, July 26 at the Sheraton Centre in Toronto, Ontario. If you're already registered, confirmation of your conference registration and activities will be e-mailed to you during the week of July 9.
The deadline for registration, activities, and hotel rooms is Friday, June 29.
The preliminary agenda includes a report on the state of your company, a discussion of global warming issues, an alternative energy presentation, details about our new AEGIS Canada facility, in-depth sessions on D&O led by Dan Bailey of Bailey Cavalieri, a review of the insurance market conditions that affect the utility and energy industry from Bob Hartwig of the Insurance Information Institute, and this year's keynote speaker – one of the most colorful and inspirational commentators in sports – Dick Vitale.
AEGIS staff will be available to meet with members on both Monday, July 23 and Tuesday, July 24. To schedule a meeting, please contact your AEGIS underwriter, loss control representative or claims representative.
We're also offering a special primer session on Tuesday afternoon – from 2:00 pm to 4:00 pm – that will provide a detailed review of the endorsements for our D&O and excess liability policies.
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 AEGIS in New Jersey for the cost of three nights lodging at the Sheraton Centre Toronto. If you have any questions about your eligibility, please contact Carrie White by e-mail or by phone at 201.508.2840. Brokers must be connected with a current AEGIS member policy written through AEGIS in New Jersey in order to attend.
All U.S. citizens, including children, must now have either a valid passport -- or official proof that a passport application is being processed plus government-issued photo identification -- for air travel between the U.S. and Canada as part of the Western Hemisphere Travel Initiative. Travel between the U.S. and Canada by car and rail does not require a passport but identification and government-issued photo identification requirements apply. The air travel passport requirements were relaxed on June 8, 2007 so we encourage you to review them on the U.S. Department of State website at http://travel.state.gov. Information about beginning a passport application is also available at this website.
If you have any questions about the conference, please contact Carrie White by e-mail or by phone at 201.508.2840. We look forward to seeing you in Toronto!
We're pleased to announce several new senior appointments to the underwriting team at AEGIS London. David Croom-Johnson, who has been with our syndicate since 2000, has assumed the responsibilities of Active Underwriter of AEGIS London and John Chambers has been appointed Deputy Underwriter. Ian Green, formerly a leading power utility underwriter with ACE Global Markets, will join AEGIS London as lead underwriter of the power utility account, further reinforcing the technical leadership of our core business. Ian has more than 20 years' experience in the insurance industry as both an underwriter and a broker. Also newly appointed is Luis Prato, until recently Vice President, Energy for Allied World Assurance Company (Europe) in London. Luis will lead the development of AEGIS London's international power and industrial property account.
Coupled with our U.S. property facility led by Gary Ladman – and up to $250 million capacity – AEGIS is well equipped to respond to your international property insurance needs. Please join us in congratulating David and John and welcoming Ian and Luis to AEGIS.
Towers Perrin is making its annual D&O survey available online. The 2006 Directors and Officers Liability Survey of Insurance Purchasing and Claims Trends can be downloaded and printed from their website.
Please join us for the 2007 Boiler Machinery Seminar – Electric Generation: Issues, Trends, and Practical Solutions – which will focus on the current issues and trends affecting the electric utility industry. Sponsored by AEGIS Loss Control, the two-day seminar includes presentations by industry experts, consultants, and AEGIS members on a variety of topics that affect power plant equipment. Issues regarding critical machinery apparatus, such as transformers, steam turbines, combustion turbines, generators, boilers, and related components will be addressed.
The seminar will be held October 2 and October 3, 2007 at The Westin in Charlotte, North Carolina. AEGIS member company personnel from risk management, operations, maintenance, engineering, and claims as well as AEGIS brokers are welcome to attend. The seminar is complimentary, however, attendees will be responsible for their own travel and hotel accommodations.
You may register now online. The deadline for hotel reservations is August 31, 2007.
For more information about the program, please contact David Miller by e-mail or at 201.508.2740. For questions about the hotel and other event logistics, please contact Carrie White by e-mail or at 201.508.2840.
We're pleased to announce the schedule of Claims Roundtables for 2008. Now in its 20th year, this one-of-a-kind program helps prepare utility and related energy industry attorneys, claims and loss control professionals, and risk managers for the claims management and litigation issues they face.
The 2008 Claims Roundtable topics include AEGIS Gas and Electric Litigation Services, Technology in the Courtroom–High-Tech Litigation Support, and Winning at Mediation–Negotiation and Settlement Techniques.
Registration details are posted approximately two months prior to each seminar. For more information about the AEGIS Roundtable program, please contact Jeff Schupack by e-mail or by phone at 201.508.2658. As always, you're welcome to attend AEGIS Claims Roundtables in person or by videoconference, and Continuing Legal Education (CLE) credits are offered.