recorded $ 28,267,000 favorable loss adjustment expense. In Q 4 '08, Enstar recorded and additional $ 213,837,000 of favorable loss adjustment expense giving the year total $ 242,104,000.

The nature of their business is that final negoiations for settlements become a 4th Q item. Most claimants have a Dec. fiscal year & Dec. 31 is decision time.

The same , to a lesser degree, can be said about runoff acquisitions.

Page 12 2008 10-K : Net Reserve Redundancy $ 128,897,000. That redundancy + other favorable loss adjustments that occur thru the year are available to take into income.

Remember : last year earnings would have been + $ 13 without investment writedowns. Not likely to occur this year.