Question-and-Answer Session
Operator
Thank you, sir. The question-and-answer session will begin at this time. (Operator Instruction). Our first question comes from Amit Kumar with Fox-Pitt Kelton.
Amit Kumar - Fox-Pitt Kelton
Good morning. I have I think three questions. Just going back to the CDS information you provided, could you just give us an updated number as to what it might be as of, let's say, yesterday?
Andy Barnard
Amit, this is Andy. No, we are not going to update the values of our assets as of the date of the conference call. We don't think that it's a practice that we want to get into. So, we would only advice you that there has been substantial appreciation since the end of the quarter. But these are very volatile holdings and assets and so they move up and down, and we prefer to leave at that.
Amit Kumar - Fox-Pitt Kelton
Okay. And I don't know if you could provide some additional color on the short positions, Fram in the Fairfax call talked about 80% of the portfolio being hedged and I was wondering if you could provide similar level of detail.
Andy Barnard
We still have our equity portfolio hedged in roughly that same area. We did close out some specific security short positions during the quarter, which are reflected in our gains. But the S&P protection for instance that we have is still fully intact and that's the largest piece of hedging that we do on the equity portfolio.
Amit Kumar - Fox-Pitt Kelton
Got it. Okay. And I guess, moving on to the premium growth, I know you have touched upon the agricultural business. I think, previously, you've also talked about offshore initiatives.
Andy Barnard
Yeah.
Amit Kumar - Fox-Pitt Kelton
I was wondering if you could perhaps, breakout the impact of agricultural as well as the offshore premiums in Q3 numbers.
Andy Barnard
In Q3, the gross premium included $20 million from the agriculture program. It included very little from the offshore, most of the offshore was reflected in the second quarter. So, that's the answer to that.
Amit Kumar - Fox-Pitt Kelton
Okay. And in terms of the reserve addition, apart from the Gulf charge, could you just give some more color as to what lines or segments did that come from?
Andy Barnard
Sure, Amit. The largest item in the reserve strengthening as Scott mentioned was the $20 million issue from the settlement of the litigation that we previously disclosed. Otherwise, we had approximately $10 million of additions. A little more than $10 million of additions in the Americas are largely driven by the 9701 casualty classes, offset by some releases in short tail lines in the insurance and in the London division.
- To read the full transcript on Seeking Alpha, click here »
