Index
Rating Environment 3
The good: positive news for CAT
The bad: pessimism in Monte Carlo
The ugly: reserve releases dwindling
Capacity 10
Investments 13
Currency 16
Capital 18
Valuation 20
Company Notes
Amlin 23
Beazley 27
Brit 31
Catlin 35
Chaucer 39
Hardy 43
Hiscox 47
Lancashire 51
Novae 55
Omega 59
Appendix 62
Disclaimer