I listened to the WRB investor call this morning, and IMO Bill is TOO optimistic about a near-term underwriting turn in property-casualty commercial lines. He and his son talk about "early signs" and reduced appetite for risk among large traditional underwriters. However, it remains my view that it will be very difficult to sustain an across-the-board underwriting upturn with a combination of a (1) weak economy, (2) most carriers reporting continued excellent current-year underwriting results, (3) easier access to capital markets, and (4) a number of "new" insurers entering the domesic market. Of course, the present market environment could change rapidly due to a major "cat" event. However, barring such a development, I don't see business improving any time soon.