I started by asking him what recent innovations he had seen in the cyber reinsurance market.

Well, what I would say is mo- most of the innovation has been quite practical in nature.

Uh, we're seeing far more customized aggregate solutions that are built around, uh, what I would say is very specific client concerns.

Uh, things like earnings volatility, uh, capital relief, balance sheet protection.

Uh, rather those specific concerns rather than one-size-fits-all, uh, structures.

Just to give you a couple of examples, we're, we're seeing far more flexibility around attachment points, around pricing, uh, around premium structure, or even, um, the, the window o- of loss aggregation within, within the treaties.

What I would say is that, uh, optionality has, has definitely come back into the markets.

Um, I mean, how much i-is this sophistication a sign that markets are more comfortable with their, their systemic and, and accumulation risk? And, and how do we know that we're not, I guess, too comfortable with, uh, w-with the kind of risks?