Operator: Good day and welcome to the CNA Financial Corporation's First Quarter 2013 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to James Anderson, Senior Vice President of Investor Relations. Please go ahead, sir.
James Anderson - IR: Thank you, Jessica. Good morning, everyone and welcome to CNA's discussion of our 2013 first quarter financial results. By now hopefully all of you have seen our earnings release, financial supplement and presentation slides which we're providing for the first time, if not, you may access these documents on our website www.cna.com under the Investor Relations menu. Keeping with our expanding disclosures over the past few years, the slides are intended to provide further insight and transparency into our efforts to improve underwriting margins, enhance our financial strength and increase shareholder value.
With us on this morning's call are Tom Motamed, our Chairman and Chief Executive Officer and Craig Mense, our Chief Financial Officer. Following Tom's and Craig's remarks about our quarterly results, we will open it up for your questions.
Before turning it over to Tom, I would like to advise everyone that during the call there may be forward-looking statements made and references to non-GAAP financial measures. Any forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the statements made during the call. Information concerning those risks is contained in the earnings release in CNA's most recent 10-K on file with the SEC.
In addition, the forward-looking statements speak only as of today, Monday, April 29, 2013. CNA expressly disclaims any obligation to update or revise any forward-looking statements made during this call. Regarding non-GAAP measures, reconciliations to the most comparable GAAP measures have also been provided in our most recent 10-K, as well as in the financial supplement. This call is being recorded and webcast. During the next week, the call may be accessed on CNA's website.
With that, I'll turn the call over to CNA's Chairman and CEO, Tom Motamed.
Thomas F. Motamed - Chairman and CEO: Thank you, James. Good morning, everyone, and thank you for joining us today. CNA's first quarter net operating income of $231 million and net income of $250 million were strong financial results and consistent with last year's first quarter. We're especially pleased with the premium growth, accelerating rate increases and stable retentions reflected in this quarter's results. We still have work to do on the loss ratio, but we believe our strategies are coming together.
Investment results were good and our capital position continued to improve. CNA's book value per share excluding other comprehensive income increased 2% from year-end 2012. Our core Property & Casualty Operations produced net written premium growth of 10% in the first quarter, largely driven by rate increases across the portfolio. Hardy contributed 3 points of this growth. In addition, as shown on Slide 13, our target customer segments continue to represent an increasing share of total new business.