S. Hughes Ongoing Quotations

We don't see rates declining much further or a significant firming in the near future, partly because ample capital is flowing into the market after the 2005 hurricane season. At the same time, we are encouraged by the ongoing development of our internal sales culture and by our ability to complete and integrate acquisitions. We anticipate further improvement in both areas in 2006. We also anticipate that contingent commissions could decline this year due to loss experience for insurers in 2005.

Concern about the possibility that blood transfusion or organ donation may have transmitted West Nile infection to recipients of organs from a single donor has prompted the ongoing investigation that is now under way,

The (auto) sector continues to face ongoing competitive challenges, as manufacturers shed a further 1,200 payrolls during December, bringing the 2005 job losses to 100,400.