Question-and-Answer Session
Operator
(Operator instructions) We'll go first to Doug Mewhirter with RBC Capital Markets.
Doug Mewhirter – RBC Capital Markets
Hi, good morning. I had just two questions. First with January renewals, how would you say your – compared with last year's January renewals, you had – was your exposure growth and also your price growth.
Jim Bryce
Well, in terms of the 01/01s, in the US, we retained all of the renewals for programs. Those programs were not renewed not because of pricing but because of the request for the inclusion of terrorism. As you know, we following 9/11 took the posture that (inaudible) entertain terrorism but not in the original contracts, it has to be looked at separately, rated separately, information given separately and those four programs did not meet our requirements. Rate increases in US averaged 12% both on loss impacted and loss recontracts. In the non-US, where again, conditions were less robust. We pretty much renewed the account with an overall rate increase in the area of 6%, and quite frankly we would expect those increases to go up as we go into 2009.
Doug Mewhirter – RBC Capital Markets
And so it sounds like Asia, which Asia is the 4/1 renewals, if I'm not mistaken. Historically the rates haven't been – they have kind of lagged the rest of the world. But it sounds like you're, I guess cautiously optimistic about what might happen over there?
Jim Bryce
Well, the 01, April is really the renewal date for Japan and Korea, also India which we’re not presently involved. But in Japan, we have two financial underwriters for out visiting just recently. I think there is a growing awareness of the financial hurricanes, which not only impacted us but impacted everyone including the Japanese. And they are being more realistic in terms of what they expecting for prices to access our capital for renewals at 01 April. I think the other thing I said we see with the consolidation they're buying larger limits of cover, larger limits of cover do require a market consensus, and the market consensus now is that prices have to go up.
Doug Mewhirter – RBC Capital Markets
Okay, thank you, that's helpful. And if you could just finish up with any kind of update on either windstorm Kyrills, if that may have an impact if any on your portfolio and the Australian wildfires.
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