I don't believe investors fully appreciate the benefit of Partner's purchase of Paris Re. Its my strongly held opinion that the former's extremely strong credit ratings (AA-S&P rating) and its significantly increased capital position will position the reinsurer to gain significant market share in a sector (1) where the best priced business is capital constrained, and (2) almost all of its competitors are of lower credit quality and reduced capital strength. I believe that this superior competitive/strategic positioning will enhance Partner's long-term return potential, which is conservatively stated at a minimum 13% ROE. The latter figure (together with a 2%+ dividend yield)is, IMO, a superb return on one's capital investment in today's extremely low interest rate environment. Moreover, I believe it likely that PRE will resume its share repurchase program sometime during 2010, which will further enhance shareholder returns.