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Continuity Credits issued for 20th consecutive year

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.