Josh Shanker

do you expect arches and the industry's loss ratios to begin to deteriorate from here? Or do you think the current levels are supportable.

Are you seeing fruits of that play out in 2026 that you're able to capture some incremental share

When did you start buying back? And how much -- were you buying the whole quarter? Or really you were able to do $732 million within about a month ending up the quarter?

Do you think you can satisfy every bit of capital return you need through repurchases?

did that cause a onetime unusual item that we should feature and think about going forward for normalization?

Can you square how much of the business a year ago was just a few unique things that really boosted the numbers and what a normalized year-over-year growth rate might be for the property cat line a...

If you started now, do you think you could execute $2 billion in buybacks before year-end and preclude the need for a special dividend?

how long do you expect the investments in the work you're doing to accelerate growth to weigh on the expense ratio?

you had about $840 million of net favorable prior year development in the auto line

is there something in your process that says that you want to be more conservative on the most recent accident years

maybe people are buying down coverage. I want to know if that's true

has the ad spend already peaked? And you talked in this back half of last year about ad spending for future growth

Can you talk about your pricing, how much Florida is impacting those numbers

do you believe that over the next 3-year period that Brown & Brown's business can outgrow the organic pace of the rest of the industry?

a couple of carriers in the specialty market have said some disparaging things about MGAs on the recent conference calls

Should we think about that normalizing? And how much organic growth did earn-outs contribute over the last couple of years?

what about the price of liability, court costs, legal fees on the casualty side of the coin. Is there any change going on there?

Is the cost of risk going down in the state of Florida broadly? And what impact should we have on Florida pricing broadly

Can we bifurcate between how much rate you are asking and how much your appetite for unit growth has changed

when you are raising price, are you finding that you are retaining that customer

Why is there such a difference in the growth rates? Are you looking for a property-only type of high net worth purchase

Is there a decline in the amount of new business, as measured by number of homes, that you are putting on

Obviously, the growth, even though it's decelerating

what your inbound reinsurance strategy is going to be going forward

I think you're the first company to report accelerating growth in the second quarter versus the first quarter

When I see that you appointed 134 new agencies in the first quarter, congratulations on that by the way, but how does that impact the culture

Do you expect a programmatic purchase or will you just be continuing to buy at the same pace

will it be small enough in 2027 that won't need to be disclosed anymore? Or is that getting ahead of myself

does that signal a change in how you're thinking about conveying your -- what new information comes into the actuaries

Can you opine a little bit on how we might think about property premium underwritings in 1Q versus 1Q '25?

how big of an insurance underwriter is Everest? And is that a business where Everest can consistently be profitable

how should we frame the appetite for returning capital to shareholders over the 1-, 2-year period?

I'm wondering what the mix of business is that's allowing you to maintain a flat premium?

Why or why not is the medical stop loss business a business that I can't be taking care of

should we think about Everest as being a 1% market share loss of major global events?

Is there any risk in writing monoline home? Is that an attractive product

Couple questions about agent receptivity on the homeowners product or is it the Homeland Auto product for that matter? Given your great relationships on the commercial side

is it generally designed to be sold as a home auto bundle? And, is there any risk of adverse selection selling monoline homeowners

Have you done something differently other than given the data you have gone to the most precise number you can? Or have you put a layer of caution on top

What are you doing right now to address that imbalance in the growth rates?

Is there any formula or way that investors can think about the transparency of capital return the way it was prior to the 2020 year?

maybe you have some thoughts on where the business is churning to

I'm just wondering if you did nothing particular to improve the PLE of the company but just let the excess Sams who came on board bake off on their own regular time line.

is there any evidence or numbers you give that about cost per claim that the efficiencies you're building in

How does it work exactly? And if we look at how should we compare ad spend to PIF growth?

I was curious about the expense ratio. It is a little higher than it has been in the past, on both the acquisition costs and the other expense ratio

is there a difference in the complexion of the business that is churning out of your portfolio versus business that you are winning currently

Is that a projected retention based on where you're pricing the business today, or have you already seen retention

Can you tell us the degree to which some Travelers' policies might exclude fire or is the Travelers' policy, one

is there anything attractive in the alternative spaces compared to past quarters

Are you seeing less competition in the past, or is it as steady as ever?

as the business is leaving, are you walking away? Is it being competed away? What's the process?

Are loss conditions changing beneath the industry's feat right now? Or is the industry unable to get the necessary price increases

Can you go a little into what you meant about being disappointed in the trends on the cash reinsurance direction?

specialty workers' comp to understand why Berkeley grew in the quarter and otherwise tepid comp environment

Berkley shareholders have been rewarded very well through some of the alternative investments that the Berkley

In terms of the economic sensitivity of the business, is it more revenue sensitivity? Or is it margin sensitivity

confronted with both recession and inflation simultaneously, did the two net each other out in the way that your revenues are generated