William R Berkley – Chairman and CEO Rob Berkley – President and COO Gene Ballard – SVP and CFO

Kevin Walsh – Citi Josh Shanker – Deutsche Bank Vinay Misquith – Credit Suisse Ken Billingsley – BGB Securities Doug McGregor – RBC Capital Markets Greg Locraft – Morgan Stanley Jay Cohen – Bank of America Meyer Shields – Stifel Nicolaus Bob Farnum - Keefe, Bruyette & Woods Larry Greenberg – Langen McAlenney Connie Deboever – The Boston Company

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: : : : : : : : : : : : : : : : : : : : : : : : : : : : : : So with that I’m happy to take any questions, and we are all sitting here and we’ll be pleased to answer any of your questions. : So with that I’m happy to take any questions, and we are all sitting here and we’ll be pleased to answer any of your questions.

: So with that I’m happy to take any questions, and we are all sitting here and we’ll be pleased to answer any of your questions. : So with that I’m happy to take any questions, and we are all sitting here and we’ll be pleased to answer any of your questions.

: So with that I’m happy to take any questions, and we are all sitting here and we’ll be pleased to answer any of your questions. : So with that I’m happy to take any questions, and we are all sitting here and we’ll be pleased to answer any of your questions.

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Yeah, it’s around $1.2 billion to $1.3 billion each year, in 2011 and ‘12, that would be rolling off and maturing.

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And roughly what’s the gap between the portfolio yield and the new money rate today that you’re seeing?

I would guess that we’re probably talking about 0.5%, maybe 0.75%.

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Okay, thank you very much.

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In terms of equilibrium, what would be causing admitted carriers to be behaving more responsibly if they haven’t yet seen losses?

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I think you covered it unless Josh had a further question.

The only thing, is there any rule of thumb we can use to think about pricing between business – how it’s priced in the admitted market versus how it’s priced in the ENS market?

Well clearly historically the non-admitted market or the ENS market has had more robust rates and perhaps as if not more important, their terms and conditions are such that it translates into perhaps a better all-in effective rate.

It’s difficult to quantify.

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Yep, alright.

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And then the new business that you’re getting, would it be fair to say some of it is coming from the old companies that are staying with and some of it is coming from the new companies?

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Okay, thank you.

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Can you speak a little louder, Ken?

Yes, can you hear me okay now?

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Yeah, $51 million.

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Great, congratulations on the quarter. William R Berkley – Thank you.

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Well since you’ve already decided what it is you’ve answered your question for yourself, there’s no sense in me responding.

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Yeah, 11% is not anywhere near a high for that.

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Yes.

Okay.

And it also says that probably one would think that any takedowns probably are somewhat offset by caution in the current years.

I guess you also have the other issue of prices that have been going down, so that would obviously put some upward pressure on that pick, too.

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Any exposure to the New Zealand earthquake?

Nothing of any consequence.

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Yes, sir. Bob Farnum – Keefe, Bruyette & Woods: :

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I won’t say we’ll be a very different company but it’s certainly an issue that I take seriously and we will have to give consideration to that, because yes – I believe ultimately the cost of capital is a long-term driver of companies’ abilities to survive. Bob Farnum – Keefe, Bruyette & Woods: : :

: : : Bob Farnum – Keefe, Bruyette & Woods: So not much different than your current, your domestic book.

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Interesting, thank you.

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Understood, thank you.

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