Expeditors, along with every other insurance intermediary, faces a substantially changed market going into 2002. The insurance industry bore devastating losses in 2001 as a result of the 9-11 attacks and the collapse of Enron, the two largest individual losses in history. In spite of this, Expeditors has successfully completed an exclusive arrangement with one of the world’s largest insurers and is now situated to offer market-leading insurance programs not available anywhere else. We now have a great deal of flexibility and autonomy in helping our customers face the pricing and coverage realities that now exist in the market. We have maintained our focus as a niche cargo insurance broker and our drive to bring specialized services to this line of coverage that other more “generalist” brokers cannot offer. The program gives us true global reach in all of our most significant markets around the world, and several strategic additions in the product manager position are expected to provide an excellent complement to this global coverage. The ongoing market conditions will provide challenges, but Expeditors enters 2002 prepared to meet them and gain additional market share even in this difficult insurance environment.