Alex Scott

I wanted to see if you could tell us about anything that would be sort of considered private credit within the fixed maturity part of the book?

does it create any need to sort of look at potentially diversifying transaction? And then is lagging into an artificial intelligence investment and doing it that way to try to achieve growth

Could you frame for us at all like how much impact that could have on the insurance segment?

are the underlying primaries taking enough rate where it's in excess of loss cost and it's actually building improving margin in there?

I wanted to ask about the Insurance segment. And I guess I just wanted to see if you could provide an update on sort of how far you are through some of the MidCorp remediation

Are you seeing any changes in just the dynamics with admitted versus E&S in terms of volume?

How do you think about priorities there? And how quickly do I ramp up capital return if you don't get the opportunity to grow in the midyear.

what's your view of the impact of ILS? Is the pricing pressure more at the top of the tower?

I just wanted to understand, you know, to what degree you all have exposure to aggregate reinsurance treaties and and just when we think about it pro forma for some of the wildfire losses

what portion of those premiums that you've gotten in are going through the heavier remediation and and just how we should think about the trajectory of premiums

could you talk about any of the more, I guess, non-underlying or noncore parts of it

I'd be interested in your take on what you see. Obviously, there's opportunities, there's also risks of disintermediation

I wanted to ask about the larger dividend out of Japan. It seemed more significant this quarter

I'd just be interested if you could comment a little bit more about that. Is that something that can be sped up

could you help us think through the different components and how we should think about the trajectory maybe where you see it running more near term

how do you feel about the capabilities in your group benefits platform, the scale? Do you have what you need?

I was hoping you could sort of talk us through what we can expect from the expense ratio over the next few years as as you're working through some of that?

what what portion of that is from the deals that you've announced as opposed to the organic growth?

does it change the way you'd approach the M&A environment and just the deployment of all this capital that you have available to you?

I was hoping maybe you could just help us understand that mix shift, how should we think about the impact on underlying versus all-in combined ratio

I'd just be interested in some of the areas you're targeting towards organic growth. And maybe in particular, your updated view on price adequacy

is on the core ROE that you gave. I just wanted to confirm that that's including the wildfire impact. And it looks like it's running a bit better than I would have expected

could you comment a bit just around how you're seeing valuations and maybe if there's any difference between larger versus smaller acquisitions

I'd just be if you talk about, you know, their organic growth and, you know, how that's progressing relative to your plans

I know you guys have had a strategy over time to improve the expense ratio, so you could get even more competitive

prioritization of the holdco cash, which has grown to a pretty significant amount at this point

I just wanted to see if you could shed a little more light on what you're seeing across the channels

Would just be interested if you could give us an update on how you're thinking about that market

Can you talk about some of the things you’re doing to build that momentum

I wanted to see in specialty distribution if you could expand on the investments that you’re making in Europe.

does it change the amount of growth that's needed to still get that margin improvement?

if we should expect any impact from maybe volume-based incentive commissions being impacted by that?

I wanted to see if we could circle back on Accession and just see if you would be willing to provide any commentary around how that performed in 4Q

I wanted to circle back on the comments on the lower new business. And just wanted to see if you could give us a feel for how much of that this quarter was just timing

what's seemingly one of the bigger divergences that we've seen there? And what -- how would you characterize Brown's sort of exposure to those trends

it seems like maybe the environment is more ripe for larger scale M&A of some of these private equity-backed companies

is that business operate more in sort of the Southeast Florida or do you have exposure to California?

How should we think about the current levels there and the different options you're looking at for deployment

the fact that it's running at 90 versus I think pre-COVID, which I think averaged around 97

my question is on the path to the 14% plus ROE. If I look at just the simple DuPont kind of analysis

the Chubb Personal Lines business. I mean, it's been doing really well with the amount of growth

on capital and just how you're viewing excess capital? If you could update us on that and just sort of the pecking order

I just wanted to ask about reinsurance and see if you could provide more color around just the step down in premiums

Just seeing the rate continue to accelerate, loss trend also up a little bit. Is the price adequacy

the fallout from what we’re going to see in California from the wildfires, and I guess specifically, what will

potential loss transfer of ADC, sort of similar to what you've done with some of the primary legacy product

can you talk at all about any exposure you have to private credit, whether it's in your alt portfolio

You obviously have ramped up the buybacks. Could you talk about your capital position currently, how you're thinking

Could you comment a bit just about rate adequacy and how it compares to 2022, I think, is an interesting conversation

is there any kind of conservatism that needs to be thought of layered on top of that for a while

how you thought about sizing the $1.2 billion gross protection

how you're seeing the trade-off between the growth and returns you can get versus capital return

any nuances to the way you're approaching that market and growing just given a little more uncertainty

how do you think about your capital capacity you have available to what degree can you do

what your view is of the impact of the wildfires just on reinsurance pricing and as you kind of head into midyear

what do you think is the key to focus on and sort of, I guess, proof points around the actions

what gives you the confidence on that. What are you seeing in the business? Is it the growth environment is slowing

are you seeing shopping rates come down at all for the policies where you're not taking as much price

If there's any kind of impact embedded from California and hopefully, we get some relief from that as the pricing comes in next year

it sounded like a bit more focused on growth moving forward. And just wanted to hear about some of the things you're doing, if there's anything specific that you're targeting

is there anything that more specific to 26 in that number? It just felt a little higher than I was expecting

Is there any other, you know, opportunities or risks that you'd point out in can you talk about even in just your investment portfolio, your exposure to software

if you could give us your views on some of the comments that have been made around private credit investing in insurance recently

Can you talk a bit about just what you're seeing in the competitive environment, pricing environment and what you think that could lead to in terms of growth?

how much capital is behind, you know, statutory capital is behind the holdings business at this point

how would that affect, you know, potentially your positioning? Like, how much money do you make up their general account management

commentary around the margin improvement expectations you have and how much you're expecting from

I'm curious if you think this program combined with the environment over the next couple of years gives you guys an opportunity to expand

I'm just interested in your views on what you're seeing in the large market, maybe why it's not going down into the middle market or upper middle market

I was wondering if you could give maybe some color on what you're seeing in your middle market business

how much seasonality -- I guess it's not typical seasonality, but just how much year-over-year do we need to be thinking about for property specific to 2Q

can you help us think through the different ways that that benefits you? And is there any way you can help us frame the kind of impact

with rates in the US being more flattish, I'm guessing most of that came from growth in the book

I wanted to ask a higher level 1 about expense margins as we head into the back half of the year.

what's driving this optimism around being able to grow it, you know, this year in a more meaningful way?

is that an opportunity to, you know, potentially participate in consolidation and, you know, leverage your advantages

I wanted to ask you about some of these partnerships that we've seen your peers make on private investments being offered and defined contribution accounts

Can you just provide a little more detail on that? You know, particularly IRAs and some of the advising you're doing?

I have views on the free cash flow. It looked like the outlook for capital return is pretty strong

what are you seeing in the competitive environment? I would think this is a pretty competitive business

what you're seeing in frequency trends. I think we've seen one of your peers talk about potentially increasing frequency

how you expect that to influence your expense ratio, loss ratio, and your ability to compete

M&A was something you didn't mention as much relative to like the buyback and variable dividend conversation.

Are you seeing different kinds of sensitivity to that related to up in pricing versus potential for down?

I wanted to see if you could dig a little bit more into the potential impact from tariffs.

the restructuring reorganization charge that you had this year and how much of that directly translates into more immediate savings

could you update us on just capital management priorities overall and mix between sort of growth capital versus redeployment

just thinking more broadly across your businesses, are there any important spots where we should be aware of things that you're actively doing on distribution

if you could provide some comments on the sort of transactional environment for real estate and where you see that heading

How do we think about calculating that and understanding the way that that will influence the bottom line results across the different segments

I just wanted to understand the margin improvement that you're expecting there. It looks to be pretty substantial

How are you viewing prospects for M&A relative to organic growth at this point?

How does that affect the way that you go about pricing maybe across all your businesses?

is there anything about the commercial auto product launch and some of the things you're doing that are actually

Is there anything from just a marketing spend kind of standpoint and thinking through the expense ratio

Would you expect over the next twelve months just given what's going on with property and that being a little bit more

if you're seeing any impact from some of the heightened claim environment in California

middle market was down a little bit year over year. You know, I had kinda been thinking

the underlying results this quarter kind of coming along faster than I would have guessed. I'm wondering if it

How would you characterize the way you're thinking about that over the medium term?

how you're thinking about capital position of the company and just hearing a little bit more restraint

You mentioned tariffs and labor costs in your opening remarks.

First one I have for you all is just, how we should think through balancing growth?

It seems like maybe opportunities with larger companies that are maybe getting too large to stay in the private market, are accelerating

your thoughts on the pricing environment and how we should think about that headed into 2025, compared to 2024