Ah HA! Now, I’m starting to get it. One thing I remember from economics class: When interest rates go UP, tradable bond values go DOWN.
I’ve always understood why bond rates would increase w/o a re-insurer. But, I never really considered what the lost of such would do to those already owning bonds..
And, of course... I understand Mongolian Fluster Clucks...
Careful, now. I own the patent, copyright, trademark, and future drilling rights on that phrase. ;-)
When life hands you a lemon, sell lemonade.
When life hands you a Mongolian Cluster, sell condoms.
Cheers!