The
increase in total bookings in the first
quarter of 2014 was partly due to an
increase of $ 9.5 million related to the initial application period for new gTLDs, seasonal
increases and recognition of a full
quarter of
incremental bookings from our acquisitions.
The
increase in ultimate liabilities, net of related deferred charge adjustments, produced
incremental pre-tax underwriting losses in the fourth
quarter of approximately $ 500 million.