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2011 annual report and first quarter 2012 financial results

We hope you have received the annual report we just published and have had a chance to read about the solid financial year AEGIS had in 2011. If you would like additional copies of the annual report, please contact us and we will be happy to mail them to you. The annual report is also available in PDF format on our website.

Continuing on from 2011, we are pleased to report favorable financial results for the first quarter of 2012. The following are unaudited figures for the quarter ending March 31, 2012: Total surplus grew $6 million to $1.056 billion, which was slightly better than expected. Gross written premiums totaled $195 million for the first quarter which was about $20 million higher than last year and a good result for the first quarter which is traditionally a quiet time for renewals. Our total investment return for the quarter was 1.3%, which was well ahead of the plan of 1%, as investment markets remained relatively positive. Losses were just slightly above expectations. We appreciate your support and we look forward to reviewing our first half results with you in detail at our Policyholders' Conference in July.