RenaissanceRe Reports Net Income of $151.0 Million for the First Quarter of 2014 or $3.56 Per Diluted Common Share; Quarterly Operating Income of $136.1 Million or $3.20 Per Diluted Common Share
PEMBROKE,
Kevin J. O’Donnell, CEO, commented: “We reported a solid first quarter,
generating
Mr. O’Donnell continued: “Pressure on pricing persists, as abundant supply from many forms of capital continues to outstrip demand. Despite the challenging environment, we are well positioned to bring efficient risk management solutions to clients and to build an attractive portfolio through our unique mix of owned rated balance sheets, non-owned rated balance sheets, and collateralized vehicles.”
FIRST QUARTER 2014 HIGHLIGHTS
-
The Company generated underwriting income of
$151.3 million and a combined ratio of 47.2% in the first quarter of 2014, compared to$173.0 million and 36.2% in the first quarter of 2013, respectively. The$21.7 million decrease in underwriting income was primarily driven by a$21.0 million decrease in favorable development on prior accident years net claims and claim expenses to$16.7 million in the first quarter of 2014, compared to$37.6 million the first quarter of 2013. -
Gross premiums written of
$705.3 million increased$69.8 million , or 11.0%, in the first quarter of 2014, compared to the first quarter of 2013, with the increase driven by the Company’s Specialty Reinsurance and Lloyd’s segments which experienced growth in gross premiums written of$72.0 million and$9.0 million , respectively, or 87.4% and 12.1%, respectively, as discussed further below. Managed catastrophe premiums written were$496.0 million , a 6.4% decrease compared to the first quarter of 2013. -
The total investment result in the first quarter of 2014 was
$53.7 million , which includes the sum of net investment income, net realized and unrealized gains on investments and the change in net unrealized gains on fixed maturity investments available for sale, compared to$51.4 million in the first quarter of 2013. -
Net income attributable to noncontrolling interests in the first
quarter of 2014 was
$42.8 million and increased from$38.6 million in the first quarter of 2013, principally due to a decrease in the Company’s ownership inDaVinciRe Holdings Ltd. (“DaVinciRe”) to 26.5% at March 31, 2014, compared to 32.9% at March 31, 2013. -
During the first quarter of 2014, the Company repurchased an aggregate
of 3.0 million common shares in open market transactions at an
aggregate cost of
$277.1 million and at an average share price of$93.04 . Subsequent to March 31, 2014 and through the period ended April 25, 2014, the Company repurchased an aggregate of 329 thousand common shares in open market transactions at an aggregate cost of$31.9 million and at an average share price of$96.84 .
Underwriting Results by Segment
Catastrophe Reinsurance Segment
Gross premiums written in the Catastrophe Reinsurance segment were
The Catastrophe Reinsurance segment generated underwriting income of
The Catastrophe Reinsurance segment experienced
Specialty Reinsurance Segment
Gross premiums written in the Specialty Reinsurance segment were
The Specialty Reinsurance segment generated underwriting income of
The Specialty Reinsurance segment experienced
Lloyd’s Segment
Gross premiums written in the Lloyd’s segment were
The Lloyd’s segment generated underwriting income of
The adverse development of prior accident years net claims and claim
expenses within the Lloyd’s segment of
This Press Release includes certain non-GAAP financial measures
including “operating income available to
Please refer to the “Investor Information - Financial Reports - Financial Supplements” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.
Cautionary Statement under “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995: Statements made in this
earnings release contain information about the Company’s future business
prospects. These statements may be considered “forward-looking.” These
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those set forth in or implied
by such forward-looking statements. For further information regarding
cautionary statements and factors affecting future results, please refer
to RenaissanceRe Holdings Ltd.’s filings with the
RenaissanceRe Holdings Ltd. | ||||||||
Summary Consolidated Statements of Operations | ||||||||
(in thousands of United States Dollars, except per share amounts and percentages) | ||||||||
(Unaudited) | ||||||||
Three months ended | ||||||||
March 31, |
March 31, |
|||||||
Revenues | ||||||||
Gross premiums written | $ | 705,260 | $ | 635,418 | ||||
Net premiums written | $ | 450,347 | $ | 436,813 | ||||
Increase in unearned premiums | (163,813 | ) | (165,558 | ) | ||||
Net premiums earned | 286,534 | 271,255 | ||||||
Net investment income | 38,948 | 43,202 | ||||||
Net foreign exchange (losses) gains | (1,061 | ) | 614 | |||||
Equity in earnings of other ventures | 4,199 | 5,835 | ||||||
Other income (loss) | 62 | (1,709 | ) | |||||
Net realized and unrealized gains on investments | 14,927 | 14,269 | ||||||
Total revenues | 343,609 | 333,466 | ||||||
Expenses | ||||||||
Net claims and claim expenses incurred | 58,915 | 27,251 | ||||||
Acquisition expenses | 33,700 | 25,009 | ||||||
Operational expenses | 42,624 | 45,986 | ||||||
Corporate expenses | 4,545 | 4,482 | ||||||
Interest expense | 4,293 | 5,034 | ||||||
Total expenses | 144,077 | 107,762 | ||||||
Income from continuing operations before taxes | 199,532 | 225,704 | ||||||
Income tax expense | (166 | ) | (122 | ) | ||||
Income from continuing operations | 199,366 | 225,582 | ||||||
Income from discontinued operations | — | 9,774 | ||||||
Net income | 199,366 | 235,356 | ||||||
Net income attributable to noncontrolling interests | (42,768 | ) | (38,607 | ) | ||||
Net income available to RenaissanceRe | 156,598 | 196,749 | ||||||
Dividends on preference shares | (5,595 | ) | (6,275 | ) | ||||
Net income available to RenaissanceRe common shareholders | $ | 151,003 | $ | 190,474 | ||||
Income from continuing operations available to RenaissanceRe common |
$ | 3.61 | $ | 4.10 | ||||
Income from discontinued operations available to RenaissanceRe
common |
— | 0.22 | ||||||
Net income available to RenaissanceRe common shareholders per
common |
$ | 3.61 | $ | 4.32 | ||||
Income from continuing operations available to RenaissanceRe common |
$ | 3.56 | $ | 4.01 | ||||
Income from discontinued operations available to RenaissanceRe
common |
— | 0.22 | ||||||
Net income available to RenaissanceRe common shareholders per
common |
$ | 3.56 | $ | 4.23 | ||||
Average shares outstanding - basic | 41,238 | 43,461 | ||||||
Average shares outstanding - diluted | 41,903 | 44,290 | ||||||
Net claims and claim expense ratio | 20.6 | % | 10.0 | % | ||||
Underwriting expense ratio | 26.6 | % | 26.2 | % | ||||
Combined ratio | 47.2 | % | 36.2 | % | ||||
Operating income available to RenaissanceRe common shareholders per |
$ | 3.20 | $ | 3.91 | ||||
Operating return on average common equity - annualized (1) | 15.9 | % | 22.5 | % |
(1) See Comments on Regulation G for a reconciliation of non-GAAP financial measures.
RenaissanceRe Holdings Ltd. | |||||||
Summary Consolidated Balance Sheets | |||||||
(in thousands of United States Dollars, except per share amounts) | |||||||
March 31, |
December 31, |
||||||
Assets | |||||||
Fixed maturity investments trading, at fair value | $ | 4,587,412 | $ | 4,809,036 | |||
Fixed maturity investments available for sale, at fair value | 30,205 | 34,241 | |||||
Total fixed maturity investments, at fair value | 4,617,617 | 4,843,277 | |||||
Short term investments, at fair value | 977,778 | 1,044,779 | |||||
Equity investments trading, at fair value | 245,267 | 254,776 | |||||
Other investments, at fair value | 576,099 | 573,264 | |||||
Investments in other ventures, under equity method | 106,332 | 105,616 | |||||
Total investments | 6,523,093 | 6,821,712 | |||||
Cash and cash equivalents | 327,163 | 408,032 | |||||
Premiums receivable | 668,788 | 474,087 | |||||
Prepaid reinsurance premiums | 207,752 | 66,132 | |||||
Reinsurance recoverable | 98,962 | 101,025 | |||||
Accrued investment income | 27,351 | 34,065 | |||||
Deferred acquisition costs | 121,890 | 81,684 | |||||
Receivable for investments sold | 84,396 | 75,845 | |||||
Other assets | 96,251 | 108,438 | |||||
Goodwill and other intangibles | 8,059 | 8,111 | |||||
Total assets | $ | 8,163,705 | $ | 8,179,131 | |||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||
Liabilities | |||||||
Reserve for claims and claim expenses | $ | 1,532,883 | $ | 1,563,730 | |||
Unearned premiums | 783,321 | 477,888 | |||||
Debt | 249,453 | 249,430 | |||||
Reinsurance balances payable | 468,644 | 293,022 | |||||
Payable for investments purchased | 179,519 | 193,221 | |||||
Other liabilities | 200,626 | 397,596 | |||||
Total liabilities | 3,414,446 | 3,174,887 | |||||
Redeemable noncontrolling interest | 986,981 | 1,099,860 | |||||
Shareholders’ Equity | |||||||
Preference shares | 400,000 | 400,000 | |||||
Common shares | 40,856 | 43,646 | |||||
Accumulated other comprehensive income | 3,963 | 4,131 | |||||
Retained earnings | 3,317,459 | 3,456,607 | |||||
Total shareholders’ equity attributable to RenaissanceRe | 3,762,278 | 3,904,384 | |||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 8,163,705 | $ | 8,179,131 | |||
Book value per common share | $ | 82.30 | $ | 80.29 |
RenaissanceRe Holdings Ltd. | ||||||||||||||||||||
Supplemental Financial Data - Segment Information | ||||||||||||||||||||
(in thousands of United States Dollars, except percentages) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
Catastrophe |
Specialty |
Lloyd’s | Other | Total | ||||||||||||||||
Gross premiums written | $ | 467,711 | $ | 154,290 | $ | 83,259 | $ | — | $ | 705,260 | ||||||||||
Net premiums written | $ | 259,489 | $ | 125,489 | $ | 65,369 | $ | — | $ | 450,347 | ||||||||||
Net premiums earned | $ | 164,584 | $ | 69,630 | $ | 52,297 | $ | 23 | $ | 286,534 | ||||||||||
Net claims and claim expenses incurred | 6,455 | 26,081 | 26,281 | 98 | 58,915 | |||||||||||||||
Acquisition expenses | 7,126 | 16,547 | 10,567 | (540 | ) | 33,700 | ||||||||||||||
Operational expenses | 20,419 | 10,106 | 12,033 | 66 | 42,624 | |||||||||||||||
Underwriting income | $ | 130,584 | $ | 16,896 | $ | 3,416 | $ | 399 | 151,295 | |||||||||||
Net investment income | 38,948 | 38,948 | ||||||||||||||||||
Net foreign exchange losses | (1,061 | ) | (1,061 | ) | ||||||||||||||||
Equity in earnings of other ventures | 4,199 | 4,199 | ||||||||||||||||||
Other income | 62 | 62 | ||||||||||||||||||
Net realized and unrealized gains on investments | 14,927 | 14,927 | ||||||||||||||||||
Corporate expenses | (4,545 | ) | (4,545 | ) | ||||||||||||||||
Interest expense | (4,293 | ) | (4,293 | ) | ||||||||||||||||
Income from continuing operations before taxes | 199,532 | |||||||||||||||||||
Income tax expense | (166 | ) | (166 | ) | ||||||||||||||||
Net income attributable to noncontrolling interests |
(42,768 | ) | (42,768 | ) | ||||||||||||||||
Dividends on preference shares | (5,595 | ) | (5,595 | ) | ||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ | 151,003 | ||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ | 12,529 | $ | 41,922 | $ | 21,157 | $ | — | $ | 75,608 | ||||||||||
Net claims and claim expenses incurred – prior accident years |
(6,074 | ) | (15,841 | ) | 5,124 | 98 | (16,693 | ) | ||||||||||||
Net claims and claim expenses incurred – total |
$ | 6,455 | $ | 26,081 | $ | 26,281 | $ | 98 | $ | 58,915 | ||||||||||
Net claims and claim expense ratio – current accident year |
7.6 | % | 60.2 | % | 40.5 | % | — | % | 26.4 | % | ||||||||||
Net claims and claim expense ratio – prior accident years |
(3.7 | )% | (22.7 | )% | 9.8 | % | 426.1 | % | (5.8 | )% | ||||||||||
Net claims and claim expense ratio – calendar year |
3.9 | % | 37.5 | % | 50.3 | % | 426.1 | % | 20.6 | % | ||||||||||
Underwriting expense ratio | 16.8 | % | 38.2 | % | 43.2 | % | (2,060.9 | )% | 26.6 | % | ||||||||||
Combined ratio | 20.7 | % | 75.7 | % | 93.5 | % | (1,634.8 | )% | 47.2 | % | ||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||
Catastrophe |
Specialty |
Lloyd’s | Other | Total | ||||||||||||||||
Gross premiums written | $ | 478,796 | $ | 82,330 | $ | 74,292 | $ | — | $ | 635,418 | ||||||||||
Net premiums written | $ | 305,353 | $ | 75,519 | $ | 55,924 | $ | 17 | $ | 436,813 | ||||||||||
Net premiums earned | $ | 186,651 | $ | 46,809 | $ | 37,779 | $ | 16 | $ | 271,255 | ||||||||||
Net claims and claim expenses incurred | 2,708 | 10,692 | 14,528 | (677 | ) | 27,251 | ||||||||||||||
Acquisition expenses | 9,620 | 8,439 | 6,916 | 34 | 25,009 | |||||||||||||||
Operational expenses | 26,115 | 7,560 | 12,178 | 133 | 45,986 | |||||||||||||||
Underwriting income | $ | 148,208 | $ | 20,118 | $ | 4,157 | $ | 526 | 173,009 | |||||||||||
Net investment income | 43,202 | 43,202 | ||||||||||||||||||
Net foreign exchange gains | 614 | 614 | ||||||||||||||||||
Equity in earnings of other ventures | 5,835 | 5,835 | ||||||||||||||||||
Other loss | (1,709 | ) | (1,709 | ) | ||||||||||||||||
Net realized and unrealized gains on investments | 14,269 | 14,269 | ||||||||||||||||||
Corporate expenses | (4,482 | ) | (4,482 | ) | ||||||||||||||||
Interest expense | (5,034 | ) | (5,034 | ) | ||||||||||||||||
Income from continuing operations before taxes | 225,704 | |||||||||||||||||||
Income tax expense | (122 | ) | (122 | ) | ||||||||||||||||
Income from discontinued operations | 9,774 | 9,774 | ||||||||||||||||||
Net income attributable to noncontrolling interests |
(38,607 | ) | (38,607 | ) | ||||||||||||||||
Dividends on preference shares | (6,275 | ) | (6,275 | ) | ||||||||||||||||
Net income attributable to RenaissanceRe common shareholders |
$ | 190,474 | ||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ | 21,176 | $ | 25,853 | $ | 17,871 | $ | — | $ | 64,900 | ||||||||||
Net claims and claim expenses incurred – prior accident years |
(18,468 | ) | (15,161 | ) | (3,343 | ) | (677 | ) | (37,649 | ) | ||||||||||
Net claims and claim expenses incurred – total |
$ | 2,708 | $ | 10,692 | $ | 14,528 | $ | (677 | ) | $ | 27,251 | |||||||||
Net claims and claim expense ratio – current accident year |
11.3 | % | 55.2 | % | 47.3 | % | — | % | 23.9 | % | ||||||||||
Net claims and claim expense ratio – prior accident years |
(9.8 | )% | (32.4 | )% | (8.8 | )% | (4,231.3 | )% | (13.9 | )% | ||||||||||
Net claims and claim expense ratio – calendar year |
1.5 | % | 22.8 | % | 38.5 | % | (4,231.3 | )% | 10.0 | % | ||||||||||
Underwriting expense ratio | 19.1 | % | 34.2 | % | 50.5 | % | 1,218.8 | % | 26.2 | % | ||||||||||
Combined ratio | 20.6 | % | 57.0 | % | 89.0 | % | (3,012.5 | )% | 36.2 | % | ||||||||||
RenaissanceRe Holdings Ltd. | |||||||
Supplemental Financial Data - Gross Premiums Written and Managed Premiums | |||||||
(in thousands of United States Dollars) | |||||||
(Unaudited) | |||||||
Three months ended | |||||||
March 31, |
March 31, |
||||||
Catastrophe Reinsurance Segment |
|||||||
Renaissance catastrophe premiums | $ | 322,748 | $ | 310,002 | |||
DaVinci catastrophe premiums |
|
144,963 |
|
168,794 |
|||
Total Catastrophe Reinsurance segment gross premiums written | $ | 467,711 | $ | 478,796 | |||
Specialty Reinsurance Segment |
|||||||
Renaissance specialty premiums | $ | 153,994 | $ | 81,617 | |||
DaVinci specialty premiums |
|
296 |
|
713 |
|||
Total Specialty Reinsurance segment gross premiums written | $ | 154,290 | $ | 82,330 | |||
Lloyd’s Segment |
|||||||
Specialty | $ | 61,704 | $ | 55,757 | |||
Catastrophe |
|
21,555 |
|
18,535 |
|||
Total Lloyd’s segment gross premiums written | $ | 83,259 | $ | 74,292 | |||
Managed Premiums (1) |
|||||||
Total Catastrophe Reinsurance segment gross premiums written |
$ |
467,711 |
$ |
478,796 |
|||
Catastrophe premiums written on behalf of the Company’s joint venture, Top Layer Re (2) |
|
14,115 |
|
32,382 |
|||
Catastrophe premiums written in the Lloyd’s segment |
|
21,555 |
|
18,535 |
|||
Catastrophe premiums written by the Company in its Catastrophe
Reinsurance segment and ceded to |
|
(7,355 |
) |
|
— |
||
Total managed catastrophe premiums (1) | $ | 496,026 | $ | 529,713 |
(1) See Comments on Regulation G for a reconciliation of non-GAAP financial measures.
(2) Top Layer Re is accounted for under the equity method of accounting.
RenaissanceRe Holdings Ltd. | ||||||||
Supplemental Financial Data - Total Investment Result | ||||||||
(in thousands of United States Dollars) | ||||||||
(Unaudited) | ||||||||
Three months ended | ||||||||
March 31, |
March 31, |
|||||||
Fixed maturity investments | $ | 23,860 | $ | 23,886 | ||||
Short term investments | 190 | 329 | ||||||
Equity investments trading | 796 | — | ||||||
Other investments | ||||||||
Hedge funds and private equity investments | 12,317 | 14,880 | ||||||
Other | 4,528 | 6,995 | ||||||
Cash and cash equivalents | 91 | 52 | ||||||
41,782 | 46,142 | |||||||
Investment expenses | (2,834 | ) | (2,940 | ) | ||||
Net investment income | 38,948 | 43,202 | ||||||
Gross realized gains | 13,467 | 34,076 | ||||||
Gross realized losses | (5,564 | ) | (4,554 | ) | ||||
Net realized gains on fixed maturity investments | 7,903 | 29,522 | ||||||
Net unrealized gains (losses) on fixed maturity investments trading | 27,882 | (23,063 | ) | |||||
Net realized and unrealized (losses) gains on investments-related derivatives |
(10,899 | ) | 421 | |||||
Net realized (losses) gains on equity investments trading | (79 | ) | 17,561 | |||||
Net unrealized losses on equity investments trading | (9,880 | ) | (10,172 | ) | ||||
Net realized and unrealized gains on investments | 14,927 | 14,269 | ||||||
Change in net unrealized gains on fixed maturity investments available for sale |
(165 | ) | (6,067 | ) | ||||
Total investment result | $ | 53,710 | $ | 51,404 | ||||
Total investment return - annualized | 3.2 | % | 3.2 | % | ||||
Comments on Regulation G
In addition to the GAAP financial measures set forth in this Press
Release, the Company has included certain non-GAAP financial measures in
this Press Release within the meaning of Regulation
The Company uses “operating income available to
Three months ended | ||||||||
(in thousands of United States Dollars, except percentages) |
March 31, |
March 31, |
||||||
Net income available to RenaissanceRe common shareholders | $ | 151,003 | $ | 190,474 | ||||
Adjustment for net realized and unrealized gains on investments from continuing operations | (14,927 | ) | (14,269 | ) | ||||
Adjustment for net realized and unrealized gains on investments from discontinued operations | — | (2 | ) | |||||
Operating income available to RenaissanceRe common shareholders | $ | 136,076 | $ | 176,203 | ||||
Net income available to RenaissanceRe common shareholders per common share - diluted | $ | 3.56 | $ | 4.23 | ||||
Adjustment for net realized and unrealized gains on investments from continuing operations | (0.36 | ) | (0.32 | ) | ||||
Adjustment for net realized and unrealized gains on investments from discontinued operations | — | — | ||||||
Operating income available to RenaissanceRe common shareholders per common share - diluted | $ | 3.20 | $ | 3.91 | ||||
Return on average common equity - annualized | 17.6 | % | 24.3 | % | ||||
Adjustment for net realized and unrealized gains on investments from continuing operations | (1.7 | )% | (1.8 | )% | ||||
Adjustment for net realized and unrealized gains on investments from discontinued operations | — | % | — | % | ||||
Operating return on average common equity - annualized | 15.9 | % | 22.5 | % | ||||
The Company has also included in this Press Release “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by Renaissance Reinsurance and its related joint ventures. “Managed catastrophe premiums” differs from total Catastrophe Reinsurance segment gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company’s joint venture Top Layer Re, which is accounted for under the equity method of accounting, and the inclusion of catastrophe premiums written on behalf of the Company’s Lloyd’s segment. The Company’s management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums assumed by the Company through its consolidated subsidiaries and related joint ventures.
The Company has also included in this Press Release “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. “Tangible book value per common share” differs from book value per common share, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of goodwill and intangible assets per share. The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets.
The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:
At | ||||||||||||||||||||
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
||||||||||||||||
Book value per common share | $ | 82.30 | $ | 80.29 | $ | 74.58 | $ | 71.38 | $ | 71.07 | ||||||||||
Adjustment for goodwill and other |
(0.89 | ) | (0.85 | ) | (0.84 | ) | (0.85 | ) | (0.85 | ) | ||||||||||
Tangible book value per common share | 81.41 | 79.44 | 73.74 | 70.53 | 70.22 | |||||||||||||||
Adjustment for accumulated dividends | 13.41 | 13.12 | 12.84 | 12.56 | 12.28 | |||||||||||||||
Tangible book value per common |
$ | 94.82 | $ | 92.56 | $ | 86.58 | $ | 83.09 | $ | 82.50 | ||||||||||
Quarterly change in book value per |
2.5 | % | 7.7 | % | 4.5 | % | 0.4 | % | 4.3 | % | ||||||||||
Quarterly change in tangible book |
2.8 | % | 8.1 | % | 4.9 | % | 0.8 | % | 4.8 | % | ||||||||||
(1) At
Source:
INVESTOR CONTACT:
Rohan Pai
Director - Corporate Finance
RenaissanceRe
Holdings Ltd.
(441) 295-4513
or
MEDIA CONTACT:
Kekst
and Company
Peter Hill or Dawn Dover
(212) 521-4800