So far this quarter, (re)insurers are reporting 3Q09 EPS which are substantially better than Wall Street analysts' consensus estimates. These upside surprises reflect a combination of factors, including (1) low catastrophe claims, (2) good investment results, (3) prior-year loss reserve releases and (4) current-year loss frequency declines. Moreover, some carriers are achieving rate increases on renewal business. Whether this trend continues in the current economic cliamte, time will tell.