So you're sitting at the midpoint, right?

Yeah, and what has happened there, just for a bit of history, many of our investors who we've met with in the past few years will know, but we did really well out of the sector between say 2021 and 2024, when insurance rates hardened materially and the margins of the businesses improved massively.

Sure.

What has happened since then, last year and this year, is that the market has softened or started to soften.

So insurance rates are starting to come down, but they're still at very healthy levels.

The margins are still very strong and the businesses are still generating strong returns on capital.

The share prices have lagged over the last year relative to the banks and to the broader markets though.

the

What's been happening globally in terms of what you've been doing with the banks? Yeah, sure.

Nigel, thanks.

As you said, and as Corky alluded to, what we've become quite good at over the years is being able to recycle the capital into new opportunities around the globe where we still see a lot of value.

If you look over the last year or three, where we've seen stocks be extremely strong has been particularly the European banks.

So we've been quite heavily exposed there and we've benefited from that very much so.

But now I think they're looking a little bit closer to fair value.

So what we're doing is we're looking for areas around the world where we can reinvest that.

Okay, sorry, I interrupted you on Mexico there.