Now turning to the marine liability market, Patrick, what external factors have been most impactful so far in 2026?

So, David, the major talking point in 2026 has been the escalating conflict in the Persian Gulf and the Strait of Hormuz.

The rapid issuance of 72-hour cancellations by PNI clubs and commercial carriers over the weekend of the 28th of February for non-Muslims.

mutual programs has really created an immediate pressure for operators while a surge in vessel attacks has resulted in crew casualties, pollution threats, and really complex multi-line claims.

Liability exposures are rising sharply with drones, underwater drones, and missile incidents continuing to damage tankers and commercial vessels, which could potentially trigger environmental and wreck removal obligations.

Additionally, there are new, I guess, non-traditional events that are also emerging, including Iran's reported safe passage fees, which add both operational and contractual uncertainty.

They are particularly focused on the nationality of vessel ownership and management, and whilst liability cover is readily available, the pricing for these covers is firming quite rapidly due to heightened crew pollution and wreck removal risks.

And the outlook for the next quarter?