Could we discuss the typical JPI example? But first, how large is the post-judgment JPI space approximately in terms of dollars of awards insured or coverage? How did it look last year?

It's somewhat difficult to determine precisely as we are one broker in this space. We're one of the largest, if not the largest. However, based on what we're placing and general market knowledge, I would estimate that the post-judgment products are in the billion-plus limits per year. It could be significantly higher in any given year. A single placement can be $300 to $400 million, which can push that up much higher.

What would I do then? If I'm a plaintiff, I've got this award, but I have to pay $5 million.

That's why financing is important. Sometimes, people have the ability to pay that directly and it's worth it to them. Often they don't. So a lot of the time when people are placing these policies, they are at least financing the premium, but more often than not, they are financing the premium and monetizing more broadly backed by the policy. So if you get a $50 million policy and a lender looks at this and thinks, well, I have this $50 million insurance policy or $50 million that's going to come from the judgment, which will be the collateral for my loan. I don't know exactly how long it's going to take to get to the end of the case, so I have to build in headroom for interest to accrue within the insurance limits through the expected duration.