Q3 results were underpinned by reserve releases and low cat losses, helping drive another impressive combined ratio (9M: 73.5%). Investment yields suffered, which was no surprise, but the positive news was a special dividend of US$0.90 as Lancashire returns surplus capital. The attractive yield story (that also helps ROE), the Q3 special and underlying M&A potential underpins the share price and supports a Neutral stance despite a high P/TNAV (c2.2x) and deteriorating backdrop, hence Targ
