Results for the first three months of the year compared to the same period a year ago

Net income: $44.3 million, a 74 percent decline compared to $168.87 million during the first quarter of 2004

Net income broken down per share*: 62 cents per share compared to $2.36 per share a year ago

Operating income**: $54.49 million compared to $136.35 million in the same quarter a year ago

Gross premiums written: $694.33 million compared to $780.28 million written during the same period a year prior

Net premiums written: $615.79 million compared to $700.2 million in net written premiums during the same period a year ago

Net investment income: $51.2 million, an improvement from $35 million a year ago

Combined ratio***: 90.2 percent compared to 59.3 percent during the same period a year ago

Shareholders' equity declined to $2.637 billion from $2.64 billion at the end of 2004

* diluted earnings per share

**income that excludes net realised gains or losses

*** a measure of underwriting profitability with percentages under 100 indicating money was made on core business. For example, a combined ratio of 80 percent indicates a profit of about 20 cents for every dollar of business underwritten.