Question-and-Answer Session
[Operator Instructions]. We will take our first question from Tom Cholnoky with Goldman Sachs.
Thomas V. Cholnoky - Goldman Sachs & Co.
Good morning. Jim, I was wondering if you could kind of repeat couple of your presentation there. I just...well, let me just ask one or two questions if I can. On the asbestos, is that fair to assume now and I just...I am probably asking the obvious, but let me just ask it anyway that given what you have done in the fourth quarter, which was obviously a very exhaustive study that the chances of you having to make any meaningful adjustments to your asbestos reserves over the next couple of years is going to be pretty minimal. Is that...I am not to put words in your mouth, but is your level of confidence pretty high that that should be something minimal outside of some extraordinary events?
James H. Foster - Senior Vice President
That's our intent, and hopefully much more than two years.
Thomas V. Cholnoky - Goldman Sachs & Co.
Okay. Let me just ask a question then if I can on the sub-prime the D&O insurance exposure. How different is the environment today for you from an underwriting perspective than it was back in the late 1990s and with the tech bubble and all the D&O claims that came out there? Why should we feel comfortable that the very minimal losses that you have thus far are not going to balloon in some fashion? Have you done anything different today versus what happened back then?
Joseph V. Taranto - Chairman and Chief Executive Officer
Tom, I don't think that we can guarantee you that there won't be more to come out, but guess I would start by saying that the D&O portion of our book is really not that bigger portion of our worldwide book. And I am sure that's less than 5% of our overall premium. Plus there was such a stock market bubble as you point out at that time that affected so many stocks that had done so overvalued that I just think to my mind that was going to cause more shake out than this, which is very specific item that affects a very specific number of stocks. But let me ask Tom Gallagher to give you little bit more color as well.
Thomas J. Gallagher - President and Chief Operating Officer
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