Operator: Good morning, ladies and gentlemen, and welcome to the Second Quarter Results Teleconference for Travelers. We ask that you hold all questions until the completion of formal remarks, at which time you will be given instructions for the question-and-answer session. As a reminder, this conference is being recorded on Thursday, July 19, 2012.
At this time, I would like to turn the conference over to Ms. Gabriella Nawi, Senior Vice President of Investor Relations. Ms. Nawi, you may begin.
Gabriella Nawi - SVP, IR: Thank you, Andre. Good morning and welcome to Travelers' discussion of our second quarter 2012 results. Hopefully, all of you have seen our press release, financial supplement, and webcast presentation released earlier this morning. All of these materials can be found on our website at www.travelers.com, under the Investors section.
Speaking today will be Jay Fishman, Chairman and CEO; Jay Benet, Chief Financial Officer; and Brian MacLean, President and Chief Operating Officer. Other members of senior management are also in the room available for the question-and-answer period. They will discuss the financial results of our business and the current market environment. They will refer to the webcast presentation as they go through prepared remarks, and then we will open it up for questions.
Before I turn it over to Jay, I would like to draw your attention to the explanatory note included at the end of the webcast. Our presentation today includes forward-looking statements. The Company cautions investors that any forward-looking statement involves risks and uncertainties, and is not a guarantee of future performance. Actual results may differ materially from those projected in the forward-looking statements due to a variety of factors. These factors are described in our earnings press release and in our most recent 10-Q and 10-K filed with the SEC. We do not undertake any obligation to update forward-looking statements.
Also in our remarks or responses to questions, we may mention some non-GAAP financial measures. Reconciliations are included in our recent earnings press release, financial supplement, and other materials that are available in the Investors section on our website.
Now, Jay Fishman.
Jay S. Fishman - Chairman and CEO: Thank you, Gabby. Good morning, everyone and thank you for joining us today. Given the active weather pattern we saw in the second quarter, we’re pleased to report solid performance driven by continued strong underwriting results and investment income. In the quarter, we produced net income of $499 million or $1.26 per diluted share, including $357 million of after-tax catastrophe losses or $0.90 per diluted share. Year-to-date, return on equity is now at 10.5% and operating return on equity is nearly 12%.
The weather losses in the quarter, while much improved from last year’s extraordinary $1.1 billion level, are still much higher than historical experience would suggest. It was not too many years ago that $357 million in after tax cat losses is what we would have expected for a full year. Today weather events and their impact on local communities and our policyholders seem to be a constant news headline. In this quarter alone there were tornadoes across the Midwest, wildfires in Colorado, severe hailstorms in Texas and most recently violent thunder and windstorms across the Midwest and Mid-Atlantic. Brian will discuss our cat losses with you in more detail.