Question-and-Answer Session
Operator
Thank you. We will now begin the question-and-answer session. (Operator instructions). And our first question comes from Mike Zaremski of Credit Suisse. Please go ahead.
Mike Zaremski – Credit Suisse
Thanks guys. First question for David on the investment portfolio, I know you’ve talked about owning CIT debt. I guess would you tell us what that deal – on the CIT, given what’s going on? And then I guess jour just broad views on the market, I guess are you guys getting more bullish or bearish in the coming quarters?
David Einhorn
Okay. On CIT, we owned many, many different few steps of debt. There is lots and lots of different bond issues. We have generally focused our investment on debt that was at the long end of the curve and some of the Euro denominated debt, particularly at the long end of the curve. We have also participated in both of the most recent senior financing as a part of the risky financing if you would. I think that kind of explains it.
The bankruptcy itself was not an unanticipated event. We purchased all of the securities expecting that the company would file bankruptcy or some other kind of workout that would eventually probably lead to the runoff of the portfolio or maybe some sales of their few assets, but basically to runoff of the portfolio. We are anticipating good returns to creditors under that sort of a scenario. So the recent bankruptcy filing is actually sort of just a step towards resolving the uncertainty about the future business. So it’s sort of a positive thing for our position.
Relating to the overall broader market and so forth, we are pretty agnostic about it. We have been kind of cautiously positioned for a much of the last few months. I think we did a decent job of buying things last fall and earlier this year when prices were cheap and many opportunities were being created. And we have generally been reducing the exposure of most of the layup to the point that where we have remained pretty defensive throughout. And I think we are continued to be positioned in a reasonably defensive manner.
Mike Zaremski – Credit Suisse
Okay, that helps. In terms on the insurance side, on the liability side, you guys kind of talked about kind of a more subdued outlook for the broader PNC pricing, then you talked about your growth potentially for next year and (inaudible) new relationships struck especially in frequency. So I guess – I am pretty sure you guys don’t have targets for growth for 2010. What I mean is, is it safe to assume the same level of growth we saw from last year or just it’s really all depends on what happens over the coming months?
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