With the majority of Guy Carpenter Reinsurance Composite members’ third quarter results now reported, some clear trends have emerged. Aggregate net earnings continue to slide year-over year (on an IFRS basis) for the first nine moths of 2008 (relative to the first nine months of 2007). The continued erosion of both realized and unrealized investment gains is primarily responsible for this trend, though a reversal of negative life underwriting results (excluding investment income) mitigated the effect for the composite.

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