We are pleased to report that AM Best has just reaffirmed our "A- (Excellent)" financial strength rating and revised its outlook for AEGIS from 'stable' to 'positive'.
In their recent annual assessment of our results, our rating analysts noted the significant surplus growth and improved operating performance we've achieved in the three years since the significant loss of surplus in 2008 that resulted from higher than normal underwriting volatility and the poor investment results associated with the worldwide financial crisis. The improvement from 'stable' to 'positive' also suggests that AM Best may consider positive action relative to our A- rating if the company continues to demonstrate strong underwriting fundamentals, continued improvement in our risk-adjusted capitalization, continued sustainable and stable investment results, and favorable loss development trends. We appreciate AM Best's acknowledgement of our significant progress and we are confident we can maintain this momentum with your ongoing support.
In addition, AM Best reaffirmed the "A (Excellent)" financial strength rating with a stable outlook for AEGIS London. Our analysts noted the financial strength of both AEGIS and the Lloyd's market, as well as the Syndicate's diversified book of business, as factors that supported their reaffirmation. Read the full AM Best press releases.
We're hard at work preparing for the AEGIS Policyholders' Conference which will be held Monday, July 16 to Thursday, July 19 at the Seattle Westin. Eligible attendees can register for the conference, select recreational activities and reserve hotel rooms online. The deadline is Thursday, June 28.
The preliminary agenda includes a management report that will focus on the successes of 2012 to date as well as our new and existing underwriting capabilities in New Jersey and London. We have also invited Bob Hartwig, President of The Insurance Information Institute, to join us again to present his ever-popular update on current economic and insurance market conditions.
We plan to cover a number of additional topics during the general sessions and breakout sessions as well, including cyber risk issues and coverage; a number of new product ideas; D&O developments with Dan Bailey; future energy economics; more effective ways to present utility property risks to underwriters; and a special session for municipal and public power members that will be chaired by senior members of this important class.
On Tuesday afternoon, we've scheduled a one-hour primer session that will discuss in detail our new D&O forms, our enhanced Fiduciary and Excess D&O coverage and our new Public Power and General Partners coverage. All members and brokers are welcome to attend, including those who are new to AEGIS as well as those who have been familiar with our D&O products up to this point.
On Thursday, we are sure you'll be very interested to hear from the special political panel we've gathered to discuss the upcoming elections in November. Our "Meet the Press" style panel includes:
Donna Brazile, CNN political analyst, Democratic strategist and syndicated columnist;
Tucker Carlson, Fox News contributor, Editor-in-Chief of TheDailyCaller.com, and former co-host of Crossfire on CNN;
Howard Fineman, Editorial Director of The Huffington Post Media Group, NBC and MSNBC political analyst, and former senior Washington correspondent and columnist for Newsweek; and
Michael Steele, MSNBC political analyst and former Chairman of the Republican National Committee.
The panel will be moderated by Bob Hartwig, who admits to being a political news junkie himself, so you won't want to miss the Thursday morning session.
Also, please remember that AEGIS staff will be available to meet with you on Monday, July 16 and Tuesday, July 17. To schedule a meeting, please contact your AEGIS underwriter, loss control representative or claims representative.
Conference registration is complimentary and attendees are invited to bring guests. Brokers must be connected with a current AEGIS member policy written through AEGIS in New Jersey to attend. AEGIS will reimburse one representative from each member company with a current AEGIS policy written through AEGIS in East Rutherford for the cost of three nights' lodging at the Westin Seattle. If you have any questions about your eligibility, please contact Gil Gould by e-mail or by phone at 201.508.2790.
If you haven't already done so, please register now, reserve your hotel room and request activities. We look forward to seeing you in Seattle for another informative and productive conference!
Last week, we asked our members to complete a brief online survey about cyber risks and coverages, the results of which we expect will enrich our conversations on these topics at the upcoming Policyholders' Conference in Seattle.
A link to the survey was sent to all risk managers whose name appears on a current AEGIS policy. The survey takes about 15 minutes to complete. All individual responses remain strictly confidential. Survey results will be aggregated and reported only by industry sector and company size.
If you did not receive the survey, or if you have any questions about the survey, please contact Molly Lenz by e-mail or by phone at 201.508.2805. We ask that companies with more than one risk manager listed on its AEGIS policies coordinate amongst themselves so that only one response is sent from each member company.
Please complete the survey by Friday, June 22. We look forward to hearing from you on this important topic and your answers will help us tailor the general sessions and breakout sessions to fit your interests and needs.
We also hope you will join us for the 2012 AEGIS Claims Seminar which will be held Monday, October 15 to Wednesday, October 17 at the Encore Las Vegas in Las Vegas, NV.
The AEGIS Claims Seminar in 2010 drew an audience of more than 150 claims and litigation professionals from around the country who gathered to learn and share their experiences. Once again, we will focus on the important issues facing AEGIS members in the defense of their claims, including electric and gas case studies as well as other topics of interest to claims professionals and litigators for the utility industry. The seminar will be eligible for Continuing Legal Education (CLE) Credits.
Please do not contact the hotel to make room reservations. We are holding a block of rooms for all seminar attendees and they can be reserved as part of the seminar registration process that will begin in early August.
For more information, please contact Mark Rutkowski by e-mail or by phone at 201.508.2883.