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I’d now like to turn the conference to Len Goldberg. Please go ahead.Len Goldberg Good morning. My name is Len Goldberg, Chief Executive Officer of Greenlight Re. Thank you for taking the time to join us today. In the first quarter of 2011, Greenlight Re reported loss in both our underwriting portfolio and our investment portfolio. Overall, our fully-diluted adjusted book value per share decreased by 5.4% in the quarter. Included in our 107.4 combined ratio for the first quarter of 2011, a $10 million in combined losses relating to the Christchurch earthquake in New Zealand and the Tohoku earthquake and tsunami in Japan. As we expected given our business model, we benefited from writing catastrophe retrocessional business on peak exposures. In addition, we had decreased our catastrophe risk to exposure in early 2011, due to a softening in market prices. Bart will discuss our underwriting results in greater detail later in this call. Our gross written premium increased more than 50% compared to the first quarter of 2010. At the same time, during the quarter, the frequency-oriented business we prefer grew by 76%, while severity business declined by 42%. This is a reflection of the continued progress in executing our strategy. Most of the increase in frequency premiums came from further successes in our Florida homeowners’ portfolio, which continues to perform well, particularly as we have seen significant and continued rate increases in the Florida insurance market. Whether the unfortunate events in Japan and New Zealand will lead to a strengthening in primary insurance pricing is too early to tell. However, we’ve built a strong and vivid team which is assessing the impact of these events and will allow us to identify and capitalize on any opportunities as the year progresses. Our investment portfolio lost 3.4% in the first quarter of 2010. During that time, we maintained a defensively positioned portfolio in what was a very strong quarter for the equity markets, the best first quarter for US equity markets since the tech bubble of 1999. We had a particularly tough time in the short portfolio, which David will discuss later in the call. In the month of April, we reported a 0.8% gain on our investment portfolio.
As you probably saw on our announcement yesterday, I am retiring and will be stepping down as CEO of Greenlight Re effective at the end of my current contract on August 15 to spend more time with my family in the US.Over the past five-and-a-half-years, even though [ph] one of the best teams in the industry and I’m pleased to report that Bart Hedges, our current President and Chief Underwriting Officer, will be appointed CEO. I intend to continue to serve Greenlight Re, but from adjacency and will remain on the Board of Directors of the company. I was the first employee of Greenlight Re and in the last six years, we’ve developed from the ground operations a great franchise with a strong following in the marketplace. From the beginning, Bart has led the development and implementation of our underwriting strategy. It would be my pleasure to work alongside him and the talented, dedicated team we assembled together. I have no doubt that Bart will be an excellent leader for Greenlight Re. Now, I’d like to turn the call over to our Chairman, David Einhorn, to discuss our investments results in more detail and the progress in Greenlight Re’s overall strategy. David Einhorn Thanks, Len and good morning, everyone. When we hired Len as the Greenlight Re’s CEO back in 2005, we gave him the task of developing an organization from scratch, assembling a first-class team and building Greenlight Re’s brand in the reinsurance industry. Lenny has accomplished these tasks with enthusiasm and diligence. He’s built a terrific reinsurance team, with a strong culture and a track record of success. Len moved from his home to New Jersey to the Cayman Islands six years ago. Len has decided it’s time to go home. And, although we’re sad to see him go, he will remain intimately involved with the future success of the company, the members of Board of Directors and as a valuable resource to the Greenlight Re team. Read the rest of this transcript for free on seekingalpha.com