In terms of Brit, we're trying to understand what makes a company like Brit, Allied World, or Crum & Forster special. What is their differentiator? Could you go into that a bit? I think it pertains to what we're discussing right now.

We shifted from transaction-based to portfolio-based underwriting, requiring quality data to understand the portfolio. Companies that have done this effectively, including Brit and other syndicates, can adjust their portfolios based on performance. This allows for increased appetite in successful areas and quick adaptation when a class of business shows signs of decline.

In terms of Brit, we're trying to understand what makes a company like Brit, Allied World, or Crum & Forster special. What is their differentiator? Could you go into that a bit? I think it pertains to what we're discussing right now.

Portfolio underwriting has significantly improved overall performance. However, a challenge across the UK, not just for Brit, is the regulatory burden. The amount of following required is quite burdensome. At Brit and other companies I worked with, we aimed to incorporate regulation into our processes, automating as much as possible to reduce the burden and cost. The extensive reporting and box-ticking required to satisfy regulators is important but time-consuming, diverting focus from running the business.