Tracy Benguigui

Can you touch on your appetite to reinsure MGAs. I realize you are the lead reinsurer

looks like pricing is back to 2021 levels, but a competitor had said it looked more like 2023.

is this a real structural shift in the market? And how does that influence your underwriting appetite?

Are you currently sizing industry loss? And has that pushed your loss estimate upward?

the 10 to 20% is a wide band, So how does this all shake out on a ROE perspective for a prop cat business?

any early thoughts on midyear reinsurance renewal pricing relative to what you're seeing in January?

what is really left -- what you're left with in terms of like attractive pricing as GL, commercial auto, and excess liability

You now have to hold AAA capital, back when you were rated A+, you only had to hold AA capital. And I realize a lot of that was just model methodology driven.

How should we think about ad spend budget this year versus last? And any expense ratio impacts and PIF growth prospects

You doubled your equity holdings since September. So it's about 12% of your total portfolio

what is the largest known limit or shared underwriting capacity available per data center development

Joe Peiser has spoken about a pricing correction over 18 months rather than a traditional soft cycle

you announced in July your data center facility has up to $2.5 billion in capacity. And then you talked earlier about $10 billion of new premium volume

You mentioned a recent client win that replaced nearly $30 billion in coverage for a top global data center developer. Does that represent any one-offs for the quarter?

when you talk about revenue-generating talent up 6%, I'm assuming that's a gross number. Could you put context over maybe some talent exits and what a net number would look like?

when you calculate profitability, since we’re not talking about property, there is a tail associated with that.

I was wondering if you could provide an updated outlook on contingents.

Can you talk about which accident years are used in that formula?

Can you just walk us through the cadence of the reduction of those $23 million of revenues?

can you touch on the strength of your field operations or if I'm onto something regarding that competitive moat?

The areas that we're seeing the most hardening on casualty is either commercial auto or excess casualty

Does that steep pace of property pricing decline suggest something shorter-lived, maybe less sustainable?

how that influence how you're thinking about the role of private credit to play in your portfolio going forward

insurance tends to be a tribal culture. What is the reception from your underwriting and claims folks with respect to reinventing how they do business

you're targeting to raise private from 12% of your investments to 15% over the medium term

Can you talk a few minutes about your small to middle market commercial business

you said that your balance sheet starting with your reserves have never been stronger. I'm wondering if you could share

I'd like to better understand how you achieved better pricing. Did you change where in the tower you played?

have you made any material changes in your cat modeling process like adding additional loads? Or is it more status quo?

do you think renewal discussions will wrap up earlier, this go around that you typically see

I think, made a comment that social inflation drove several large energy losses in your wholesale business that led to

Was that just a consequence of deliberately reducing the exposure to less profitable deals that you mentioned?

You mentioned some third-party outflows. Did that come from PineBridge deflections or somewhere else?

appreciate an update on your annuity reinsurance flow. How many cedents are you part of that right now?

we can clearly see that you're now more competitive than peers. But what would the screen look like for auto?

Florida moved from yellow to green state this year. Is that tort reform or your larger capital base

Any update on the competitive landscape on the AI side of personal insurance?

I see that your commercial line business, 90% of that is distributed through independent agents

Is there a scenario where you'll be paying another Florida excess profit statute given all the favorable reserve development you experienced in the state in recent years?

Can you share how much of your homeowner policies have grown in Florida?

how much of a drag on free cash flow conversion is that north of $3 billion of emerging markets capital that you want to redeploy

how do you think of the adequacy of those reserves on a statutory basis

could VM-22, the principle-based reserving, reduce incentives to cede FA risk to your Bermudian affiliates

rather than brokers being disintermediated, I am wondering over time, can commission structures change due to the advancement of AI

Is it fair to assume that your excess capital position surpasses the buyback targets you shared and could we expect

You mentioned that there may be more room in loss picks. Curious how many years of experience you rely on

are you taking more of a total return approach when setting combined targets for your underwriters

medical inflation is rampant and it'll show up in rate. Are you seeing something similar?

Are you worried that the industry is sitting on too much capital and your competitors are so used to growth