While our industry owes sincere and earnest thanks to many ofour colleagues as well as members of Congress who worked sodiligently at the end of last year to extend the Terrorism RiskInsurance Act of 2002, time is already running short on finding amore permanent solution.

Although a revised version of the original federal legislationhas been signed into law reauthorizing the program until the end of2007, it is imperative that we all understand the Terrorism RiskInsurance Extension Act of 2005 provides only one clean renewalperiod during which terrorism coverage will be guaranteed.

The future outlook will be very bleak unless we begin toformulate the basis for a long-term solution with all duehaste.

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