Question-and-Answer Session
Thank you. [Operator Instructions]. We'll pause for just a moment to compile the Q&A roster. Your first question comes from Doug Mewhirter with Ferris, Baker Watts.
Douglas Mewhirter - Ferris, Baker Watts
Just a few questions here and there; first with regards to what looks like a little bit of favorable development. Was it concentrated in any particular segment or accident year?
Frank J. Bramanti - Chief Executive Officer
There was... for the quarter there was about $5 million of development compared to $200,000 in the prior quarter. It wasn't concentrated in any particular year and is a combination of a number of factors. On some of the older years there was case based reserve adjustments, which effectively changed the number and we didn't change any loss picks [ph] in the first quarter in any material fashion whatsoever.
Douglas Mewhirter - Ferris, Baker Watts
Okay, the London market seemed to take a pretty steep plunge or rather you may have walked away. Was there a particular niche or segment within the London market that just totally became unattractive or did you lose a few large contracts or how did that work out in the quarter?
Frank J. Bramanti - Chief Executive Officer
The main impact was we made a decision in 2007 to no longer write Marine XL [ph] business and that's the main driver of the reduction in premium income. In addition to that, the market has become soft and we have been very selective on the accounts that we've renewed. But last year we wrote about $15 million in Marine XL and this year we will write practically zero.
Douglas Mewhirter - Ferris, Baker Watts
Okay, and as one last operational question. Have you taken... have you reserved any or taken any actions regarding the Bear Stearns... I have heard from some journalistic sources that you have a policy on Bear Stearns as D&O and it is a broad based policy, I didn't know if you would reserve that or, whether you had any update on what's happening with the status of that company?
Frank J. Bramanti - Chief Executive Officer
As a policy, HCC never comments on clients. So, can't answer that question.
Douglas Mewhirter - Ferris, Baker Watts
Okay, and just one last question. Do you have any update, Frank, on what your thoughts are on getting a stock buyback authorization during this Board meeting or this annual meeting?
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