Medical Protective made a commitment to Texas policyholders, legislators and regulators that we would closely monitor the impact of tort reforms passed in 2003. We are pleased that the emerging data continues to suggest a moderating trend in loss costs and that we are, therefore, in a position to reduce our Texas rates again. We are also pleased to confirm that last year's acquisition by Berkshire Hathaway has helped us attain the industry's highest financial rating, allowed us to expand our underwriting appetite to additional practice specialties that meet our underwriting criteria, and provided us with the capital to open the door for even more Texas health care providers who desire the strongest carrier.

Timothy Kenesey