I had accumulated some capital and was at an age at which I was interested in generating income. But even though I was risk averse, I was interested in growth stocks.

Growth means change and change involves risk, stepping from the known to the unknown.

I just sold a farm in Missouri, and I own a ski lodge in Colorado with some Honolulu partners.

First quarter combined ratio and net income were very solid and premium growth in new markets has been strong. Last fall we announced plans to enter three additional states in the second quarter of 2006 to further our national expansion strategy. I'm pleased to announce that we will begin operations in Florida, Georgia and Pennsylvania in the second quarter of this year. These three states represent 15% of the total U.S. personal auto premium, bringing the percentage of the U.S. where we actively market to 45%.

We're especially pleased with solid fee income growth across the board, ... We see no signs of credit deterioration on the horizon.

Higher claims suggest slower job gains, which should dampen income growth, consumer spending, and overall economic activity.