We are pleased to report that things have continued to go well for AEGIS since the Policyholders' Conference. The unaudited year-to-date results for the period ending October 31 show a bottom-line growth in total surplus of $29 million from $1.001 billion to $1.030 billion since year-end 2010. Premiums are ahead of last year at this time by $101 million, due largely to favorable London and property writings. Our 2011 underwriting year losses have been manageable so far and, due to favorable runoff of prior year reserves, our combined ratio is currently ahead of plan at 98%. Despite the volatility in the equity and bond markets, our conservative investment approach has responded relatively well, yielding a total investment return of 3.16% or $90 million for the year-to-date. We hope this financial growth continues through the remainder of the year.
As we discussed during our management report at the Policyholders' Conference, we have been revising the D&O policy language to provide the same broad coverage with fewer endorsements. Since the conference, the new draft policy has been favorably reviewed by the RMAC's Directors & Officers Liability Task Force and the full RMAC (Risk Management Advisory Committee). We now plan to ask some of our D&O brokers to review the language and we will invite them to compare it with other forms in the D&O market.
The new form will be posted on the website for your review shortly. We are confident you will agree that the new form will provide the same coverage you've always enjoyed without the large number of endorsements. You are welcome to discuss the new language with your AEGIS D&O underwriter at any time and they will be happy to explain the changes to you. We hope to use this new policy form for all renewals occurring on or after March 1, 2012.
We are pleased to announce that Jim Jura has been elected to the AEGIS Board of Directors. Jim is the Chief Executive Officer and General Manager of Associated Electric Cooperative Inc. (AECI). Prior to joining AECI, he was administrator of the Bonneville Power Administration and he worked for the Office of Management and Budget in Washington, D.C. Jim began his federal career in 1971 with the Department of Labor's Occupational Safety and Health Administration. We welcome Jim to the Board and look forward to his contributions.
As those of you who've attended one of our regional meetings already know, the main purpose is to give you an opportunity to tell us about your needs and issues and how AEGIS is performing for you. Most attendees also find these forums to be a great opportunity for comparing notes with other risk managers and brokers. We'll also spend some time telling you about our latest initiatives and answer any questions you may have.
The meeting is a one-day event so most of you will be able to drive or fly between home and the meeting on the same day. However, if you need to stay overnight, AEGIS will reimburse one person from each member company for one night's stay in the meeting hotel.
If you have questions about the meeting, please contact Molly Lenz by e-mail or at 201.508.2805. For questions about the hotel or other logistics, please contact Leah Natalini by e-mail or at 201.508.2872.
Please register now online. We look forward to seeing you!
AEGIS Loss Control conducts webinars tailored to the needs of our members throughout the year and posts them for viewing at any time on our website.
The next scheduled webinar, Cathodic Protection – Understanding the Results, will be held on Wednesday, December 21. Developed for AEGIS member companies with natural gas operations, this webinar is a follow up to a previous AEGIS Loss Control webinar, Cathodic Protection – Correct Techniques and Documentation, which was conducted in June.
This upcoming webinar will focus on how to interpret and apply the data from cathodic protection surveys. Our presenter, Walter Young of Corrpro Companies, Inc., will discuss what ground voltage or current flow readings mean and how these readings should be incorporated in the development of a remediation plan.
Please register now for Cathodic Protection – Understanding the Results which is scheduled for Wednesday, December 21, from 1:00 pm to 2:00 pm, Eastern Time. One week prior to the webinar, registered attendees will receive instructions for participating. If you have any questions in the meantime, please contact Lucille Jackowski by e-mail or at 201.508.2736.
The following Loss Control webinars are currently posted on our website in the Webinars section and can be viewed at any time:
Inspection and Maintenance Practice for Steel T&D Structures
Deployment and Integration of AMI Technology
Sewer Laterals and Trenchless Technology
The Webinars section requires a password but it can be accessed by any employee of an AEGIS member company by following these steps:
Go to http://www.aegislink.com/portal/losscontrolaccess.do
Enter username: firstname.lastname@example.org
Enter password: Loss2011
Follow on-screen instructions
This access is for the password-protected Loss Control content only. Risk managers are encouraged to share this access with their colleagues in the operations, engineering and safety areas of their companies. For more information, please call AEGIS Loss Control at 201.508.2736.