Also in attendance and available for questions are Susan Cross, our Global Chief Actuary; Sarah Street, our Chief Investment Officer; and Stephen Robb, our Controller.

Before they begin, I’d like to remind you that certain of the matters we'll discuss today are forward-looking statements. These statements are based on current plans, estimates and expectations. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in the forward-looking statements, and therefore, you should not place undue reliance on them.

Forward-looking statements are sensitive to many factors, including those identified in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other documents on file with the SEC, that could cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date of which they are made, and we undertake no obligation publicly to revise any forward-looking statement in response to new information, future developments or otherwise. With that, I'd turn it over to Mike McGavick.

Michael S. McGavick

Thanks, David. As you have seen by reading our release, the fourth quarter of 2011 was highly unusual, and that understanding it requires some explanation, which we will attempt to do thoroughly tonight. At the same time, once we clarify the unusual items, I think you will come to the same 3 conclusions that we do. First, that XL has become an excellent manager of catastrophe risk across the firm. Second, that while there are large blocks of excellent underwriting at XL, we remain plagued by lost activity in a handful of insurance lines that undermine our results. And third and most important, that we have the proper focus on improving or eliminating these sources of poorer results.

Now for clarity's sake, this is how the call will go tonight. First, I will walk through the unusual items for the quarter at a high level. Second, I will similarly walk through our underwriting results highlighting the evidence of the 3 points I just made. Then I'm going to turn the call over to our CFO, Pete Porrino, who will walk through these unusual items in deeper detail, as well as updating you on other critical aspects such as investments. After Pete, our newly appointed CEO of Insurance, Greg Hendrick, will provide even more detail on the breadth of correction underwriting actions underway, and give some examples of the early results that would not yet appear in the financials, but will give you a sense of why we have such confidence. Finally, we will conclude with a very positive report by Jamie Veghte on our Reinsurance operations. Both Jamie and Greg will also give their perspectives on the improving rate environment. Then we will take your questions.

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