The 4.6 percent increase may obscure the economic reality underlying the market. Securities reclassifications and revaluations contributed substantially to the first quarter 2009 shareholders’ funds gain. Absent these effects, the Guy Carpenter Global Reinsurance Composite grew only 1.7 percent, and the exclusion of 2008 reserve releases reported in the first quarter of 2009 reduces shareholders’ funds growth to only 1.4 percent.
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