Our operating strategy is a total retur basis including a value-oriented investment strategy, which results in the periodic recognition of realized capital gains, which can fluctuate significantly from period to period. The net realized investment gains in 2003 were principally related to gains on fixed income securities when interest rates declined to historically low levels. Losses and Loss Adjustment Expenses. Incurred losses and loss adjustment expenses increased 22.9% to $1,629.6 million for the year ended December 31, 2004 from $1,325.8 million for the year ended December 31, 2003. The increase in incurred losses and loss adjustment expenses was principally related to the 18.6% increase in net premiums earned, $93.5 million of property catastrophe losses related to the four hurricanes occurring in the third quarter of 2004, and an increase in losses and loss adjustment expenses principally related to casualty classes of business written for accident years prior to 2001 of $181.2 million for the year ended December 31, 2004, compared to $116.9 million for the year ended December 31, 2003. As a result of our reinsurance protection, there were no net adjustments related to asbestos and environmental loss reserves. For the Americas division, incurred losses and loss adjustment expenses increased 13.1% to $906.1 million for the year ended December 31, 2004 from $801.3 million for the year ended December 31, 2003. The increase in incurred losses and loss adjustment expenses was principally related to a $58.7 million incr ease in net premiums earned and $68.0 million of property catastrophe losses related to the four hurricanes occurring in the third quarter of 2004. In the Americas division, net losses and loss adjustment expense reserve adjustments related to accident years 2003 and prior for the year ended December 31, 2004 were $176.0 million, principally related to casualty classes of business. Casualty lines net reserve adjustments for accident years prior to 2001 increased $242.4 million, partially offset by net reserve reductions of $66.4 million on accident years 2001 through 2003. For the year ended December 31, 2003, reserve adjustments of $87.0 million, principally related to casualty exposures, were recorded. For the EuroAsia division, incurred losses and loss adjustment expenses increased 20.5% to $299.8 million for the year ended December 31, 2004 from $248.7 million for the year ended December 31, 2003. The increase in the dollar amount is due to the net premiums earned growth of 32.2%, as the loss ratios on the underlying business improved. In the EuroAsia division, net losses and loss adjustment expense reserve adjustments related to accident years 2003 and prior for the year ended December 31, 2004 were $6.6 million, principally related to bond exposur es underwritten in 2002. For the year ended December 31, 2003, there were $11.0 million of reserve adjustments related to prior accident years. For the London Market division, incurred losses and loss adjustment expenses increased 42.9% to $293.6 million for the year ended December 31, 2004 from $205.5 million for the year ended December 31, 2003 due to the increase in net premiums earned of 26.0% and the property catastrophe losses of $25.4 million related to the four hurricanes occurring in the third quarter of 2004. In the London Market division, net losses and loss adjustment expense reserve adjustments related to accident years 2003 and prior for the year ended December 31, 2004 decreased by $0.2 million. For the year ended December 31, 2003, there were $22.6 million of reserve adjustments principally related to casualty exposures in the Lloyd’s syndicate. For the U.S. Insurance division, incurred losses and loss adjustment expenses increased 85.0% to $130.1 million for the year ended December 31, 2004 from $70.4 million for the year ended December 31, 2003. The increase in incurred losses and loss adjustment expenses was principally related to the increase in net premiums earned. In the U.S. Insurance division, net losses and loss adjustment expense reserve adjustments related to accident years 2003 and prior for the year ended December 31, 2004 decreased by $1.2 million. There were $1.4 million of reserve adjustments related to prior accident years in the U.S. Insurance division for the year ended December 31, 2003. Acquisition Costs. Acquisition costs for the year ended December 31, 2004 were $528.4 million, compared to $476.0 million for the year ended December 31, 2003, with the increase due to pr emium growth. The resulting acquisition cost ratio, i.e., acquisition expenses expressed as a percentage of net premiums earned, was 22.7% for the year ended December 31, 2004, compared to 24.2% for the year ended December 31, 2003. The decrease in the acquisition expense ratio is attributable to the increase in premium volume in the EuroAsia, London Market, and U.S. Insurance divisions which has a lower overall acquisition ratio compared to the Americas, which had an overall decrease in net premium volume in 2004 compared to 2003. Other Underwriting Expenses.  Other underwriting expenses for the year ended December 31, 2004 were $125.7 million, compared to $101.3 million for the year ended December 31, 2003. The other underwriting expense ratio, expressed as a percentage of net premiums earned, was 5.4% for the year ended December 31, 2004, compared to 5.2% for the year  30