Based on your continued support of the AEGIS domestic property program, the property underwriting results for the most recent three-year period (ending December 31, 2006) were positive. As a result, we are pleased to declare an overall property credit of $6.5 million. Qualifying policyholders recently received details in the mail regarding their share of this credit and how it can be applied to their property premium upon renewal.
This is the fifth consecutive year that AEGIS has declared a domestic property credit. To date, more than 200 members have chosen to include AEGIS's capacity as a major part of their property programs. With $200 million in property capacity, we are able to lead many member programs and we offer our capacity for construction periods of up to five years – unlike other carriers that often restrict their capacity to 18 months.
These benefits, combined with our collaborative approach to claims management, our expanded property engineering services, and our commitment to share good results among participating members, continue to set the AEGIS property program apart from the commercial market.
To qualify for the property credit, a policyholder must have AEGIS participation of 20% of a quoted layer or $150 million of AEGIS capacity on risk. For more information about the AEGIS property program, please contact Gary Ladman by e-mail or by phone at 201.508.2802.