AEGIS has continued to perform well financially since the Policyholders’ Conference, when we last reported on the company’s progress. The unaudited results for the year-to-date period ending August 31 show a $23 million increase in surplus from $1.050 billion to $1.073 billion. Premium revenues are $62 million higher than the same period last year due to strong writings in our property and London books. Overall net incurred losses are on plan. Our conservative investment philosophy has worked to our advantage in the current environment of uncertain markets and record-low interest rates to produce a total investment return of 3.3% for the year to date.
Please save the date for the regional member and broker meetings we’re planning in Chicago on January 23, Phoenix on February 12 and Dallas on February 13.
The regional meetings are different from the Policyholders’ Conference in that usually no more than 30 or 40 members and brokers attend. You can participate in the roundtable discussion, tell us what’s on your mind, what you need from AEGIS, and how we're doing. We'll tell you about new initiatives at AEGIS and answer any questions you may have. Over the course of the day, you'll be able to speak directly with me as well as the Senior Vice Presidents of Underwriting and other AEGIS staff members.
The regional meetings are also an ideal way to further involve other risk management associates at your company with energy and insurance issues, and to learn more about your mutual. In addition, most attendees find that these meetings are conducive to comparing notes and networking with other risk managers and brokers.
Each 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.
We will send another e-mail and post details on our website as soon as the hotel logistics are finalized. If you have questions about the meetings in the meantime, please contact Molly Lenz by e-mail or at 201.508.2805. We look forward to seeing you right after the first of the year!
We are pleased to announce a number of new assignments in our Underwriting Division that are designed to help us adapt more quickly to changing market conditions in each line of business and capitalize on new ways to serve you better.
Tim Pasik, Senior Vice President – Underwriting, will now focus exclusively on the Excess Liability line of business, where our loss ratio remains relatively high and underwriting challenges persist.
In the D&O area, Karen Larson, Vice President – Underwriting, will work with the newest member of our Underwriting team, Fred Murnane, Senior Underwriting Officer – D&O, who has just joined us from Axis. Fred served in senior underwriting management roles at both Axis and Zurich North America, where he specialized in D&O, EPL, Fiduciary and other professional coverages. Karen and Fred will work together in the context of the oversupplied market for executive protection coverages to provide the broadest possible coverage for members at sustainable prices.
Gary Ladman will continue to oversee the Property facility in New Jersey, which has grown dramatically since its modest beginnings in 2001, and now serves more than 100 member companies throughout North America.
Each of these senior product line executives – Tim, Karen, Fred and Gary – will work closely with, and report to, Bill Cullen, Senior Vice President and Chief Underwriting Officer. As always, please feel free to contact any member of our Underwriting team directly with any questions or requests that you may have.
Our thanks to all of you who attended our annual Policyholders' Conference in Seattle. Based on the evaluations you submitted, it was one of the most successful conferences to date, with 85% of members and brokers rating the conference as either “outstanding” or “exceeds expectations.” More than 1,000 attended the event this year, which was particularly gratifying given the ongoing consolidation of companies within the industry and the restrictions on travel budgets at a number of member and broker companies.
Many of the general session and breakout session presentations are posted on our website – including Andrew Ginter’s cyber security presentation, Bob Hartwig's report on insurance market conditions, Brad Kitchen’s presentation on managing energy companies in today's uncertain environment, and the cyber coverage breakout session which attracted 212 attendees – a record number for a breakout session.
We are grateful for your positive feedback on the Seattle conference and hope you will save the date for PHC 2013, which will be held Monday, July 29 to Thursday, August 1, 2013 at the Baltimore Marriott Waterfront in Baltimore, Maryland.
The hotel is situated directly on Baltimore's Inner Harbor, a beautiful and vibrant waterfront district, which has been dramatically revitalized over the past 20 years. Most of the city's best attractions are a quick walk or water taxi ride away, including Fort McHenry, where a battle during the War of 1812 inspired "The Star-Spangled Banner," Camden Yards, home to the Baltimore Orioles, and the National Aquarium, one of the most sophisticated and technologically advanced aquariums in the world. We're planning another informative and entertaining conference and we look forward to seeing you, your families and guests next summer at PHC 2013 in Baltimore.
A new AEGIS Lessons Learned® video – Within a Child's Reach – has been posted on the AEGIS website. The video focuses on the restoration of an electric system following a storm and what can happen when restoration procedures are not followed properly. To access this video and other password-protected AEGIS Loss Control videos and webinars, employees of AEGIS member companies can follow these steps:
This access is for the password-proected 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 questions about this or any other AEGIS Loss Control video, please contact Scot Macomber by e-mail or phone at 201.508.2739.