S. Hughes Encouraged Quotations

We're encouraged that many of these patients with SARS are improving, ... In spite of that, we know that this is a very severe illness.

It is not good at all but I am remaining positive and strong for him and am encouraged by the doctors' reports today.

We don't see rates declining much further or a significant firming in the near future, partly because ample capital is flowing into the market after the 2005 hurricane season. At the same time, we are encouraged by the ongoing development of our internal sales culture and by our ability to complete and integrate acquisitions. We anticipate further improvement in both areas in 2006. We also anticipate that contingent commissions could decline this year due to loss experience for insurers in 2005.