Subject: Re: All insurance companies down today
Property and Casualty rates are dropping. June renewal rates were reportedly soft. Chubb getting hammered. Reading auto rates have flattened and even dropped in some of the more expensive markets.

Lower interest rates are issue here too when you're sitting on 1/3 of the company in cash. Might not get a cut this month--but highly likely by fall.

A couple of huge tailwinds quickly becoming headwinds.

Insurance and short rates are a very big deal.