Slowly but surely. That's what I wanted to hear, bodes well for the future. Quarter was mediocre, and no share buybacks, but 2012 is shaping up OK based on firming rates. Qtr saved by reserve releases, but mgmt may be saving some more releases for 2012. Investment income will be quite low for next couple of years as they're staying short (about 2 years avg maturity) and yields will decline on rollovers. Company will benefit from this cautious strategy eventually.
Gave up on PRE, sold recently--too much European baggage, life re not working, might be worth another look late in 2012. Now hold only AHL and ACE in insurance space.