So Ed, what factors are driving that increased level of reinsurance leverage?

Yeah, so we've seen reinsurance leverage increase.

In 2021, the leverage percentage was about 258%.

And then for year end 2025, it's gone up to 346%.

So there's a few things driving that dynamic.

We've seen a strong growth in the annuity market.

And as that happens, we're seeing companies use more reinsurance mostly on a flows basis.

How would you characterize the current role and impact of private equity asset managers in this life annuity reinsurance space?