However, based on the finances, uh, of the reinsurance markets currently- I don't think that would happen unless there was an extreme escalation between more of the major powers in the, uh, uh, in the world.

Yeah, I, I would agree with that, Charlie.

I think, um, whilst these, these losses are coming in very thick and fast at the moment to the marine war market, um, they are still not what we would, we would consider sort of a catastrophe event for the class.

I generally think if we had all of the tonnage that was, should we say, trapped or blocked in the, in the Straits of Hormuz, um, originally from the 28th of February, if there had been a market claim, uh, for all of that tonnage, then I think that, that starts to move the dial and become a, uh, then becomes a reinsurance event.

At the moment, this is a, uh, a direct market event, and they are dealing with it by the rate increase mechanism by charging APs for vessels that are calling into those, those breach areas.

The market continues to function.

There is cover.

And James, curious, you know, obviously with you leading the team and what you're seeing on the ground, uh, what your thoughts are on that.

However, based on the finances, uh, of the reinsurance markets currently, I don't think that would happen unless there was an extreme escalation between more of the major powers in the, uh, uh, in the world.

Yeah.

I, I would agree with that, Charlie.

I think, um, whilst, uh, these, these losses are coming in very thick and fast at the moment to the marine war market, um, they are still not what we would, we would consider sort of a catastrophe event for the class.

I generally think if we had all of the tonnage that was, should we say, trapped or blocked in the, in the Straits of Hormuz, um, originally from the 28th of February, if there had been a market claim, uh, for all of that tonnage, then I think that, that starts to move the dial and become a, uh, then becomes a reinsurance event.

At the moment, this is a, uh, a direct market event, and they are dealing with it by the rate increase mechanism by charging APs for vessels that are calling into those, those breach areas.

The market continues to function.

The larger question always that comes out is how are war risk premiums being calculated, uh, for Hormuz, uh, directly? And James, curious, you know, obviously with you leading the team and what you're seeing on the ground, uh, what your thoughts are on that.

James, starting with you, how has the Hull market been faring so far in Q1?

Thank you David.

So our assessment of the marine hull market at the start of this year is a continuation really of factors that drove market conditions in 2025.

We see in the London market a further tranche of capacity being made available through existing syndicates entering the class through their Lloyds platform and there are still a number of hull MGAs rumoured to be entering the market in 2026.

As a result of this, the expectation is that competition will remain and will continue to drive pressure on rating.

We believe that clients' ability to achieve contract enhancements are expected to persist probably throughout the year.

At present, we believe there is no suggestion there'll be any change to this outlook.

And what have you been seeing in terms of new market entrance or M&A activity in the sector?