We bucked the recent trend of lower second-half results. We see two reasons for that: improved market conditions and improved risk efficiency.

These second-quarter results continue the favorable trend in industry conditions that we began to see earlier this year. We will be divesting or closing operations that no longer meet the company's financial or strategic objectives.

Business conditions in the first half have been some of the most difficult that we have experienced in recent years,

The market has a very strong undertone to it and would seem reluctant to surrender too much of its recent gains. Very strong and robust turnover yesterday ventures to suggest some serious commitment to the market place.

Companies are cautious for the second half of the year. It's been a mixed bag so far for results.

There's a very strong sense of urgency to show improved results now.