I've had numerous calls with different folks about Accelerant. I've read a lot of their public materials and reviewed some Ryan Specialty materials. I've also listened to calls from people who used to work at Ryan as brokers. I've covered a lot of content, but I wouldn't say I have a deep understanding yet. I've been exposed to a lot, but it hasn't crystallized for me. So, I view myself as early in my work without deep knowledge. Feel free to educate me on the basics. If I already know something, I'll let you know . Before you do that, could you share your background?

One of the beauties of Accelerant is that they take an ownership share in the MGA and are compensated not just by fees. They're compensated in the early days by a fee structure. If this guy's dreams don't exactly take off in the first year or two, or if he misreads the opportunity, they still get a consulting management fee, he's paying for their time. But as they grow, the formula flips, and they start getting a percentage of EBITDA, net earnings, profitability, or whatever. They're heavily invested. They're not just pulling funds like McKinsey would, which might say, "We need $100,000 to open a file on you guys." This little bowling alley guy might think, "Well, I'm screwed." Whereas these guys will charge him a fee to manage him, but as he scales, they'll flip it over and become a partner in his business from a financial earnings point of view. It's in their best interest to help him grow, be profitable, and add insurance company partners. Instead of just having one or two, he might have two in the Northeast, two in the West, and different ones in the South, spreading the risk and partnerships. I really like the model as it's scalable, and Accelerant sits next to him and says, "All right, this is going well." What can we do to make it grow bigger? Scalability is crucial for both the owner and the investor. It's nice to make a million a year, but can we make a million and a half or 2 million? Their model works well for that. They are reaching a point where one of their insurance company partners can start navigating the portal themselves. Instead of someone calling me at Liberty or AIG and saying, "Hey, we've got this bowling alley MGA thing going on," the insurance companies, private equity partners, and tech partners will be able to dive into the portal and sort through all the MGAs that have come to Accelerant for help. It becomes a self-driving mechanism. As an investor, you don't have to wait for someone at Accelerant to suggest opportunities. You can get in there and sort opportunities by geography, size, stage of development, amount of capital needed, etc. It becomes very user-friendly for all the partners with Accelerant.