When I became Chairman of the Board in the Spring of 2002, we were coming out of an important transitional period. With a clear strategy and a strong organization in place, PartnerRe was in a good position to deliver on its goals. The five years that followed served up many challenges, and yet the Company has not only succeeded in achieving its goals, but has come through stronger than ever. In many ways, the excellent results of 2006 illustrate what has been accomplished and the future potential of this Company.