The overall figures are lower-than-expected, not only because of the catastrophe claims, but also because of the reserve additions.

The positive rationale behind a deal would be the potential to cut more costs.

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.

After any large loss event, the Bermudian reinsurance market always sees the inflow of billions of dollars of new capital.