Mr. Hynes: Max Re is the leading structured, finite reinsurer for the property and casualty and life insurance industries. We provide reinsurance to both of these industries. We're unique in that we are providing reinsurance to both industries from a single balance sheet with a single underwriting discipline. Many organizations have separate companies that provide life reinsurance and P&C reinsurance, but they are not integrated. We do it on an integrated basis, so that's one of the unique features of Max Re. The second unique feature is that we have an asset policy that is more advantaged than most reinsurance companies. The typical reinsurance company has 80% of their money in bonds and 20% in risk assets, principally common stocks. Our asset allocation is 60% to bonds and 40% to an alternative asset portfolio made up of approximately 50 funds which provides us with an attractive asset return in comparison to most of our competitors. We're able to utilize our asset return in our product structuring. Some of our clients' contracts include a participation in our asset returns. No one else offers this capability in the marketplace. So, that's an overview of our products and market positioning. We're Bermuda-based, which is the preeminent location for a reinsurer. The company was capitalized in December 1999 and began writing business January 1, 2000. We're finishing our second year now. We started the company with $333 million of capital from a private placement offering. On March 31, 2000, we raised another $180 million privately, bringing our capital to over $500 million. In August of 2001 we completed our IPO and are now traded on the NASDAQ. We're rated A- by AM Best and A by Fitch, so we're a superior-rated company from a credit perspective, and that's very important in today's marketplace for our clients. We've done approximately 20 transactions in our two years, so we write about one transaction a month. They are large transactions. We've done approximately $1 billion of premium and deposit volume in two years. In fact, we'll be over $1 billion of premium and deposits when we finish up December. Our transactions are about $50 million in average size. We are able to do these transactions with a small, highly qualified staff. We have about 25 employees. Nine of our employees are actuaries, seven of our employees are CFAs or CPAs, and it's the integration of the actuarial insurance expertise and the financial expertise that we utilize to structure our transactions. Our transactions are modeled extensively from an actuarial financial perspective, and they are uniquely tailored transactions of a large size for each of our clients.
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