There has been much bullish press for the p-c insurance industry during the past few weeks. Many Wall Street analysts expect strong book value growth for the sector during the 3Q09, reflecting both the good performance of the capital markets and the lack of catastrophe loss activity in the period. PartnerRe has the added benefit of completing what we believe will be a highly beneficial strategic acquisition in the purchase of Paris Re. The stock has recently been recommended by several highly respect insurance industry analysts who believe the shares can appreciate to the high $80s during the next 12-months. We concur with this view.