Results didn't blow anybody away. Relatively benign cat losses for the quarter as for the industry. More reserves for US casualty losses. Only moderate exposure to recent events (Australia, Egypt).
Although they continue to struggle in the US, I think they are right to build out the insurance business. Too much loose capital in the reinsurance industry. Companies like ACE that deploy capital across insurance and reinsurance lines are doing well and AHL should become more like them. They'll have a tough 2011 but that's priced into the stock.