You can't have it both ways, Re-Idiot (Well, yes, YOU can have SOME THINGS both ways, but we are not discussing your sexual proclivities here).

Looks like most of the underwriting gain was laower catastrophe claims in the reinsurance segments, while both Generous Re and BURP-Re also took reserves down. Real high quality earnings, eh?

Meanwhile, did you look at GEICO? Underwriting results lower and combined ratio higher -- both loss and expense ratios up. Loss ratio up on both frequency and severity.

WB says that average premium per policy is down and attributes this to his customers taking higher deductibles, which of course means reduced coverage. But how does this square with higher severity? I will offer that the increased claims frequency is more suggestive that your boy is stepping down in quality and making up for it with a lower price!