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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.
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The overall figures are lower-than-expected, not only because of the catastrophe claims, but also because of the reserve additions.
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The positive rationale behind a deal would be the potential to cut more costs.
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After any large loss event, the Bermudian reinsurance market always sees the inflow of billions of dollars of new capital.
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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.
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