Operator: Good morning, ladies and gentlemen. Welcome to the Third 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, October 18, 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. Good morning and welcome to Travelers' discussion of our third 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.
And now, Jay Fishman.
Jay S. Fishman - Chairman and CEO: Thank you, Gabby. Good morning, everyone, and thank you for joining us today, as we report a very strong third quarter. Net income was $864 million or $2.21 per diluted share, producing a 13.6% return on equity. Operating income was $867 million or $2.22 per dilute share, a record for a quarter for operating income per share. Operating return on equity for the quarter was 15.5%. Our earnings were driven by superior underwriting results as well as solid investment income. From an underwriting perspective, we benefited from lower weather-related losses net favorable prior year reserve development as well as the cumulative effect of rate gains we have achieved over nearly two years.
In Business Insurance, excluding National Accounts, written rate increased to nearly 8% with retention increasing as well to 81%. In Personal Insurance, renewal prices increased in both auto and homeowners to 9% and 12% respectively while retentions remained stable. Also in Personal Insurance, we continue to execute on improving terms and conditions along with pricing and while we are experiencing lower new business volumes, we are taking the right actions in order to improve our profitability and returns. In FPII, rate increases continued to improve in our Management Liability businesses reaching 6% in the quarter while maintaining stable retentions. We continue to be pleased with the execution in each of our segments.