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Hurricane Ike losses within expected loss scenarios

Several members and brokers have inquired about the impact of Hurricane Ike on AEGIS members and on AEGIS itself. Some of our member companies have indeed sustained property losses and, based on early reports, we expect the losses to fall within expected hurricane loss scenarios for the year.

As most of you know, our property facility in New Jersey focuses primarily on electric generation and gas utility facilities and does not normally insure offshore operations or T&D. AEGIS London participates on placements for several offshore facilities in the Gulf of Mexico on a limited, subscription basis in addition to the property programs for AEGIS's utility members. After Hurricane Katrina, we modified our underwriting guidelines, modeling practices and catastrophic reinsurance program to ensure we provided adequate coverage without creating any undue exposure for the overall membership. We believe this approach will serve all members fairly during this and future hurricane seasons.