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@Viking Thanks for the great posts about Fairfax & I hope all is well with you & family. Buffett always talked about float being "costless" (which can be interpreted as 100% CR) to Berkshire in his reports. Here is Warren: 2021 AR: One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums. 2020 AR: The massive sum held by Berkshire is likely to remain near its present level for many years and, on a cumulative basis, has been costless to us. That happy result, of course, could change – but, over time, I like our odds. 2016 AR: If our revolving float is both costless and long-enduring, which I believe it will be, the true value of this liability is dramatically less than the accounting liability. I also recall Buffett saying very similar things during the annual meetings. Berkshire actually earned a very modest underwriting profit over the years but their "goal" is to write business so that float costs them 0%. I do agree with you that Fairfax's bond portfolio is well managed and they are currently benefiting from staying very short in duration. Whether the current bond earnings can be thought of as "normalized", I am not sure as it is hard to predict the trajectory of interest rates. If one is in "higher for longer" camp, then of course yes at least for the next 5 years.