I don't see a dividend increase at this level. When you are trying to boost your credit rating, capital is critical. I don't expect an earnings blowout. New bond issues are low, but more important are the spreads available to insurers. Yields on munis are very low, meaning there is less "improvement" that an insurer can offer to an issuer. If AGO wants to capture a greater spread, they have to move out on the risk curve, not something they are likely to do while they have to be vigilant about maintaining and improving their credit rating. I judge AGO to be a great long-term value, but more confidence needs to return to debt markets and the general economy before the stock will soar. When the move in AGOs stock occurs it will be almost overnight, I just don't see it happening tonight, tomorrow, next week or next month...business just isn't that good yet.