That's a comprehensive explanation, thank you. Could you elaborate on the specifics of the wholesale brokerage ecosystem? From your perspective, are there specific lines that wholesale brokers dominate compared to traditional brokers?

Despite these challenges, the wholesale and E&S space has become a valuable resource. Solutions may not always be ideal, but they are sometimes the only option available.

The E&S market seems to be a refuge for traditional risks. However, have you seen any instances in your 24-year career where the E&S dominated a specific line, only for the standard market to reclaim it? What drives this shift, and is it likely to occur given the current circumstances?

While the capacity varies depending on the line, there's generally more responsible action. It's difficult to predict the next cycle where pricing will drop to previous levels, particularly in the property or auto sectors. Unless there's a major global change, I don't foresee a significant softening. Perhaps we're leveling off, and there may be some competition in areas where rates have increased significantly.

As you're aware, Kinsale's arrangement with brokers involves a lower commission compared to most other underwriters. Given that you've been working with them for quite some time, do you view this as an impediment or is it not an issue from your perspective?

It's a factor that all brokers consider and it does influence the decision to a certain extent. However, we prioritize what's best for the client when presenting the options we can secure. We disclose all information to our clients, including the gross commission and the net commission to the retail broker. The business purchasing the policy will see this if it's presented to them. We strive for full transparency. Our compensation generally fits within a certain bandwidth that our company aims to retain on the transaction, which includes the commission we keep and any additional fee compensation. This is certainly a factor we consider when trying to reach those goals, especially when we start off with a lower commission split from the carrier to share with our retail customers. It's definitely something we're conscious of, but it's just one component of the decision-making process.