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First quarter 2009 results

We are pleased to report that the first quarter was a very good one for AEGIS. Member and broker support remains outstanding and everyone seems to understand the need for our underwriting approach at their renewals. Thank you for that consistent support.

The following are unaudited figures: Premium for the first quarter is slightly ahead of our plan and we have been achieving rate increases, where appropriate, particularly in the excess liability line, where our loss experience has been poor for several years. Losses have contained no surprises thus far for this year. Most positively, our investment results have well exceeded our plan with a 1.90% pre-tax total return through March 31, and a 2.89% total return for the year-to-date through April 30.