Question-and-Answer Session
Operator
Thank you. The question-and-answer session will be conducted electronically. (Operator Instructions). Over to John Nadel of Sterne Agee.
John Nadel - Sterne Agee
Hey, good morning, everybody.
Robert Pollock
Good morning, John.
John Nadel - Sterne Agee
Rob I guess the place that I'd like to start is the thoughts on sort of excess capital your progression that you've sort of historically talked about forever, supporting organic growth, accretive acquisitions, capital management. Is there anything right now on the M&A front that could possibly be better on a relative basis than buying back your stock?
Robert Pollock
It would have to be very compelling John. But, let's put that in a broader context of the strength of our capital position.
John Nadel - Sterne Agee
Yeah.
Robert Pollock
And then lets also have a few comments we can make really related to Chris and his team's view of the investment outlook, where we are today versus where we were a little time back.
So clearly, we had indicated in the past that we wanted to see a credit market recovery before we made considerations for share repurchase, and we're seeing that recovery. As I mentioned we've seen additional recovery subsequent to quarter end.
So that's certainly one big consideration. Another is just our ability to get dividends out and our other things, and I am going to have turn things over to Chris, for him to make a few comments.
John Nadel - Sterne Agee
Yes, if you could also touch on your comments A. M. Best there, that'd be great.
Christopher Pagano
Sure, sure. Hi John.
John Nadel - Sterne Agee
Hi Chris.
Christopher Pagano
Just a couple of things. And again, we think about dividend, it starts with earnings obviously. And clearly, there is some earnings pressure relative to 2008. But the next issue becomes how to get those earnings up in the form of dividends to the holding company.
Now, they are the two main drivers and we saw this pay out in 2008, where the growth charge related to Specialty Property and then of course, the portfolio results. And last year portfolio results in particular, were a significant drag, and a significant hindering factor with regard to our ability to get operating company earnings up to the holding company in the form of dividend.
Clearly, the recovery in the credit markets has mitigated that, removed that to some extent as an issue. The actions we took in the portfolio last year to reduce the risk going forward will certainly help us going forward. And you're seeing our realized losses, drop off significantly and then also the unrealized loss position improved.
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