Mark-to-market losses squeeze book values in Q4

There was a spike in US bond yields in the three months to 31
December triggered by the presidential election, which translated
into mark-to-market losses for P&C (re)insurers.
The 10-year US Treasury bond yield closed the fourth quarter at
2.45 percent, up from 1.88 percent before the election.
This drove
down the price of outstanding bonds and consequently shrank
realised gains or even caused unrealised losses on companies'
balance sheets, sapping book values for all firms accounting under