You mentioned Kinsale has some of the best insurance results in the entire E&S world. Maybe we can break that down. We understand that tech is a big driver of that, but I'm sure many factors contribute. We've also heard they write very strict coverage and policy limits. Let's dig into that a little. What do the best insurance results in the entire world mean to you, and what drives that?

Kinsale and Brian have a habit of hiring many employees straight out of college. I would say 50% to 60% of their employees have less than five years of experience. This keeps salaries low, and along with commissions, helps maintain a low expense ratio.

Are other insurers either not growing, or if they are, are they hiring more experienced underwriters because they can't rely on technology to handle the underwriting for them?

Exactly. The main reason for that is Kinsale, when they started, they bought a small IT tech processing company and developed it from scratch to suit their business. For insurance companies like Markel and Arch, which have been around for 10, 20, or 30 years, they have multiple computer systems trying to communicate. Kinsale has one system that handles everything from the submission to the policy issuance. All information and data from external sources are integrated into one system. We can discuss this further later, but one of the key reasons for Kinsale's success is the speed at which they can provide quotes.