Two other trends of note are emerging in the U.S. Insurance group. In our specialty lines, we achieved an average rate increase of 6%, so our specialty business is a bit stronger than standard. And our E&S submission activity increased year-over-year, another sign that standard lines underwriters are returning more business to the E&S market, where it belongs in the first place. To us, these are indications that the market is moving into new territory of gradual improvement, although we cannot call it a trend as of yet. Even with a better rate environment, given the level of investment yields currently available and our view of rate adequacy on an absolute basis, we believe that longer-tail lines still require substantial additional rate improvement to become attractive, at least to us.
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