From the cc it's clear that they've got their hands full digesting Paris Re (pardon the mixed metaphor). The official 100% merger could knock our BV/share down slightly because (old) PRE's investment portfolio has gone up nicely since the merger formula was agreed on. Management indicates they won't consider returning excess cash to shareholders (aside from the dividend) until late in 2010 when the combined risk profile has been carefully assessed.

Kudos to management for gradually expanding into Brazil and Asia.

Next hurdle is January renewals.