Question-and-Answer Session
Operator
Thank you. (Operator instructions). Our first question does come from Ron Bobman of Capital Returns, you may ask you question.
Ron Bobman
Good morning.
Michael L. Browne
Good morning.
Ron Bobman
I had a question on the cat program I was wondering this most recent renewal that Michael you just mentioned as far as I guess, the going forward program, did you change the retentions at all?
Michael L. Browne
No, we did not change the retentions, we actually increased our ground up limit from 300 to 375 million and we also actually reduced our co-participation in the layers and we maintain the limit where it was.
Ron Bobman
I’m sorry, you lowered or you increased your participation? I missed that one.
Michael L. Browne
We lowered our participation so that does, re-insurers are picking up more of it.
Ron Bobman
Okay. I noticed last year, this time in last year that you increased the retention from $40 million to $50 million and I was wondering given what transpired in the second quarter of this year whether you should have analysis and sort of are happy with having made that business with a good decision to increase the retention to 50 or are they any regret?
Michael L. Browne
Actually I don’t think that would have made any difference with regard to the cat that we have this quarter that is for a single event, the property cat treaty is for a single event, we would not have had any kind of impact on what we experienced this quarter which is really a very large number of smaller again.
Ron Bobman
Got you. Still a gross losses from any one of these spring event that even get close to 40 or 50?
Michael L. Browne
Absolutely.
Ron Bobman
Got you. Okay, I understood. Okay, I’m sorry and an unrelated question it’s a little bit of an add ball question but I occasionally see these press releases I guess, there are also filings that the Mutual has sold shares, I presumably, I presume in effect selling them to the company, as the Mutual filed like a 10B5 like the company would normally do for when it sells stock of around earnings windows like I saw when a couple of days ago the Mutual had sold some stock.
Mark R. Cummins
This is Mark Cummins. There is 10B51 filed for the public company what happens is we have been buying back kind of prorata we buy from the public to Mutual also sells in a prorata amount back to the public company. So, when you see those filings those are related to the buyback activity and those are done under a 105B1 plan.
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