opinion @ GSCO - ACGL's return focused platform clearly was in evidence during 3Q. Premiums declined 46% as number of Managing General Underwriters declined to 8 from 14. Some decline due to programs lost to competition & ACGL terminated those programs. Despite increased competition in the reinsurance industry, terms and conditions remain stable and a good harbinger of future profitability. Increase 04 est to reflect upside results; maintain 05 est and lower 06-08 estimates to reflect slowing top-line growth-Maintain In-Line

opinion @ LYON Arch Capital-ACGL initiated with a Buy tgt $47, shares inexpensive