Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from James Kissane - Bank - America/Merrill Lynch.
James Kissane - Bank of America/Merrill Lynch
Firstly, can you give us that 8.9 million in new sales for the quarter? Can you break that down by the two segments? And maybe also give us the actual quarterly renewal rate by segment?
Ethan Berman
The new sales of $8.9 million were $3.3 million at ISS, and $5.6 million at Risk. We don’t give out quarterly renewal rates but essentially when we trued up the year-to-date and looked at the development and sort of finalized all the renewals from the first quarter, the 80.8 was composed of a number that was just under 82% in the first quarter and about 80% in the second quarter.
James Kissane - Bank of America/Merrill Lynch
You mentioned the retention to renewals rates will be under pressure in 3Q, should we expect sort of normalization then in the fourth quarter meeting us. We think of risk, should we be thinking in the mid 80%, high 80% renewal rate for 4Q?
Ethan Berman
Yes, in the third quarter we say continuation of the trend. Obviously the third quarter is easier to forecast because we have more information and for the remainder of the year, in the fourth quarter, we do not expect to get back to normal long-term trends which would be in the upper 80s to low 90s, but somewhere in between where we are today, in the very low 80s and normal long-term trends.
David Obstler
In some ways catching up to what happened, if you look at the first half of ’08, and we had renewal rates around 90%, and the second half of ’08 it started to go down into mid 80s and then obviously in the low 80s, the beginning of this year, and so our expectation is by the fourth quarter you’ll be back to the mid 80s, you wouldn’t have gotten all the way to 90 and then the beginning of next year you’ll be back to where we have been historically.
Ethan Berman
I think Jim that we have renewals that are up over the course of the year. So with the renewal rate starting to have been effected in the third quarter of last year, into the fourth quarter, will by the third and the fourth have had a year of that and that’s what we are going through right now.
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