Operator: Good day everyone. Welcome to the Selective Insurance Group's Fourth Quarter 2011 Earnings Release Conference Call. At this time, all participants are in a listen-only mode after the presentations we will conduct a question-and-answer session.
At this time for opening remarks and introductions, I would like to turn the call over to Senior Vice President, Investor Relations and Treasurer, Jennifer DiBerardino. Ma'am, you may begin.
Jennifer DiBerardino - SVP, IR and Treasurer: Thank you. Good morning. Welcome to Selective Insurance Group's fourth quarter 2011 conference call. This call is being simulcast on our website and a replay will be available through March 3, 2011. A supplemental investor package, which contains GAAP reconciliations of non-GAAP financial measures referred to on this call, is available on the Investors page of our website at www.selective.com. Selective uses operating income a non-GAAP measure to analyze trends in operations. Operating income is net income excluding the after-tax impact of net realized investment gains or losses as well as the after-tax results of discontinued operations. We believe that providing this non-GAAP measure makes it easier for investors to evaluate our insurance business.
As a reminder, some of the statements and projections that will be made during this call are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. We refer you Selective's Annual Report on Form 10-K and any subsequent Form 10-Qs filed with the U.S. Securities and Exchange Commission for a detailed discussion of these risks and uncertainties. Please note that Selective undertakes no obligation to update or revise any forward-looking statements.
Joining me today on the call are the following members of Selective's executive management team; Greg Murphy, CEO; Dale Thatcher, CFO; John Marchioni, EVP, Insurance Operations; and Ron Zaleski, Chief Actuary.
Now I'll turn the call over to Dale to review the quarter results.
Dale A. Thatcher - EVP and CFO: Good morning in an otherwise difficult year we are pleased with our fourth quarter results. We took advantage of the positive pricing momentum exhibited in the market and achieved our 11th consecutive quarter of positive commercial lines price.
Two key points to remember about our pricing strategy are one its consistency and two we are earning commercial lines rate above loss trend. Also in the fourth quarter we closed on the Montpelier E&S acquisition rounding out our new E&S platform.
Industry wide 2011 was a record catastrophe year, with heavy East Coast impact from which we were not immune. This was a second consecutive record catastrophe year for us, but cat losses in the fourth quarter were in line with our expectations at approximately two points. For 2011 in total cat losses were almost $119 million or 8.3 points on the combined ratio.
For the quarter we reported operating income per diluted share of $0.33 compared to $0.48 a year ago. Favorable prior year reserve development contributed to results. Partially offset by lower net investment income and higher expenses due to the MUSIC acquisition.