The overall figures are lower-than-expected, not only because of the catastrophe claims, but also because of the reserve additions.

Zurich has always been very much a non-life story. But it’s interesting to see … the focus turning toward the life business and Farmers now that premiums are under pressure in the United States.

The positive rationale behind a deal would be the potential to cut more costs.

After any large loss event, the Bermudian reinsurance market always sees the inflow of billions of dollars of new capital.

It’s slightly better than expected. Returns on the existing business are good … But value added by new business doesn’t look so good. There was rather much of a drop.