RNR-D has been hammered much worse lately than the common stock. I don't understand why that should be. Can anyone suggest a logical reason for this, or is it just panic selling of the preferred stock?

Today the common stock is up more than 2%, and the preferred is down 22%. It traded down 41% at one point. Does that make any sense? I think the preferred should only be getting hit if investors expect RNR to fail, go bankrupt. If instead they stay in business, the preferred dividend is safer than the common dividend. Do people think they are going bankrupt? If they do, why buy the common stock today?