What a difference 12 months make. A year ago a wave of realised and unrealised losses was crashing over investment portfolios, while major banking and (re)insurance counterparties were faltering, failing or being bailed out.
Meanwhile, estimates from Hurricane Ike were being revised upwards on almost a daily basis until it became the third most expensive nat cat loss of all time, capital markets were shutting down, equity markets were slumping, bond spreads were exploding and the relative value of hard...
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