|Message from John Q. Doyle - 2nd Quarter 2010 Results|
August 6, 2010
This morning Chartis' second quarter 2010 results were released. Worldwide, Chartis wrote nearly $7.8 billion in net premiums and had $955 million in operating income before realized capital gains/losses for the quarter.
Our U.S. and Canadian businesses performed well in the quarter with $4.7 billion in net premiums and over $590 million in operating income before realized capital gains/losses representing a decline of 9.5% over the prior year period. Underwriting results were negatively impacted by significant catastrophe and severe loss events in the quarter including floods in the South East, Hurricane Alex and the May hailstorms. Year-to-date, Chartis U.S. has recorded $1.3 billion in operating income—a 42% increase as compared to the same period a year ago.
We remain focused on our customers’ needs, launching 12 new products and services in the second quarter. These innovations include enhanced crisis response products uniquely designed for several industries, access to multi-line construction cover for growth companies, merchant data security coverage, and expanded hurricane protection for homeowners in our high net worth segment to name a few.
We’ve also been working to respond to your requests for greater transparency in our product and service offering by simplifying our organizational structure. Just this quarter, we announced the formation of the Specialty Markets group which encompasses our Aerospace, Environmental, Growth Enterprises and WorldSource units, and which along with our Commercial Casualty, Excess & Surplus (Lexington) and Consumer segments, streamlines access to even more of our products and services. Please visit the Chartis website for the latest information on these developments.
I know you have options when making your risk management decisions, and I can assure you that we will continue to strive to be your market of choice. Thank you for your business and your on-going support.
John Q. Doyle