Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Matthew Carletti – Fox Pitt Kelton
Matthew Carletti – Fox Pitt Kelton
You commented on tourism and construction hurting payrolls, particularly Nevada, do you have or can you provide us payroll in-force growth year-over-year?
Douglas Dirks
We can’t do that and the reason why is there’s a unique provision of Nevada law that caps payrolls for workers' compensation and so the best we can do is give you anecdotal information and anecdotal information would suggest that within the construction classes, we’re seeing declines in payroll perhaps as much as 50% and in the tourism classes perhaps 10% to 12%.
Matthew Carletti – Fox Pitt Kelton
On the topic of capital management and share repurchase, I know there’s been a lot going on with AmCOMP in that activity has been slow year-to-date I think $7 million repurchased year-to-date on a $100 authorization that covered 18 months, is that, have you been blacked out a bit, or has that been more of a choice based on where the stock’s trade?
Rick Yocke
In the first quarter of the year, first three months, we did have some blackout in terms of when we put the program into affect from the authorization. We’ve also proceeded cautiously under 10B5, given the impending acquisition and our focus on conserving capital until we’re exactly sure what we’re going to need.
Matthew Carletti – Fox Pitt Kelton
On market competition have you seen anything change in particular, for the better or for the worse say since last quarter?
Douglas Dirks
Let’s start with California; I really can’t say that we’ve observed any significant changes in the competitive environment in California. And second largest market in Nevada, I think I would say the same thing that the competitors seemed to have staked out their territory and although we’ve seen maybe a very slight decline in retention, it’s difficult to attribute that to a significant change in the competitive environment.
Operator
Your next question comes from the line of [Eric Donberg] – Unidentified Company
[Eric Donberg] – Unidentified Company
Just wanted greater clarity in terms of what you’re doing on the buyback, I don’t quite understand why you’re not being more aggressive, I understand the blackout earlier this year, but with the $200 million dividend to holding co. and then $75 million additional, that’s $275 million plus you have $150 million at a very attractive rate in the secured, why wouldn’t you take advantage of the current price particularly given how well you’re operating and particularly given that you were buying stock at $20, $21 last summer?
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