Charles Lederer

is there any sort of upfront spending you'd call out that we should think about as offsetting the strong growth in EBITDA

did you guys update your cat outlook? I don't know if I missed that for the full year

should we think about the seasonality of your cat load being a little different just given the geographic shifts

maybe just on the outlook for PYD. I know you guys don't put it in your guide

have you seen any signs of that trend abating? I guess, is that concentrated in specific geographies

in the Midwest, is that growth more coming from hard market dynamics? Or is it new partnerships

when I look at the excess liquidity you're holding, it's at the highest level it's been in a while

On the 2 Renters PMC deals you talked about, can you dimension the opportunity there

anything you can quantify or color you can give around the impact you're expecting from the reverse logistics and Geek Squad deals

you increased it from $250 million to $300 million to the top end of that range. I guess, given the lower cats this year, would you expect your '26 outlook on capital deployment

can you talk a little bit more about whether the M&A environment has changed over the last couple of months

can you expand on what your expectations for the higher organic growth in Americas Retail in the second quarter

the 4.7% in base organic, are you expecting acceleration off of that in the back half of the year

would you be able to give an all-in RPC number? And I guess, what would that look like with 3Q and 4Q's mix instead of 2Q

Could you go through some of the puts and takes? I think you have more accelerating Aon United spend ahead of you, maybe have some integration costs that don't recur

does the tax rate guidance contemplate OECD Pillar Two agreements? And is there still uncertainty around tax rates there in the coming year?

Can you just provide some color on what the drivers of margin expansion, ex-contingents and ex-flood revenue

I'm wondering if you can unpack second quarter performance and how we should think about the magnitude of free cash flow margin improvement over the balance of the year?

it seems like we've been seeing headlines in the insurance media about heightened competition for insurance brokerage talent. I'm wondering if you guys would agree with that being a theme

Can you add some color on what areas you see the opportunity? And is there anything more you can share about the terms

Andrew, you mentioned an opportunity with taxes to maybe get a more favorable rate. Can you add some color around that