Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Mark Dwelle – RBC Capital Markets
Mark Dwelle – RBC Capital Markets
You had given the total favorable reserve development for the quarter, did you have the split on that between what portion was commercial lines and what portion was personal lines.
Art Chandler
In the fourth quarter there were 5.9 points of favorable development in commercial lines and 2.3 points favorable development in personal lines.
Mark Dwelle – RBC Capital Markets
Another quick numbers question related to, Mark had given the average pre-tax yield; I just couldn’t write that fast.
Mark Cummins
3.53% versus 3.56%.
Mark Dwelle – RBC Capital Markets
Those are the after tax.
Mark Cummins
Pre-tax 4.80% down from 4.94%.
Mark Dwelle – RBC Capital Markets
One of the initiatives to be completed in the fourth quarter was the full roll out of access Harleysville, was that finalized in the quarter or are there still a few locations left.
Michael Browne
Essentially where we are is that the commercial line system is rolled out to all of our states except for three states where we still have regulatory approval pending. It’s been completed except for three states where we’ve got to get regulatory authorities to give their final signoff. On the personal lines this system it’s been rolled out to all our states except for two where regulatory approval is still pending.
Mark Dwelle – RBC Capital Markets
What sort of regulatory approval is required?
Michael Browne
There are products involved here so products have got to be approved by the insurance department. Some states, I don’t want to get into a discussion about states versus federal regulations but as you know, some states can be a little difficult in getting products approved.
Mark Dwelle – RBC Capital Markets
It’s clear the economy is playing a role in insurance buying. Maybe you could comment a little bit on how that’s playing out across your markets the degree to which it’s impacting volumes and so forth.
Michael Browne
I think it’s certainly a part of what we’re seeing. Certainly the economy is impacting payrolls and sales of businesses and its part of overall market conditions. That helps to put pressure on the top line. It’s hard to isolate it but it’s certainly a factor.
Operator
At this time there are no further questions from the phone. I’d like to turn the call back to Mr. Cummins for closing remarks.
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