Would you describe that as being a fairly rational market?

So I don't think the market's ever rational.

I'm not saying I'd ever accuse the market of rationality.

But given the fact that we've not seen that many losses and returns are good, am I surprised that you're starting to see a softening? No, absolutely not.

The cycle's really driven by recency as much as our technical view and disciplined underwriting and other things.

Do you think, on the whole, it's easier to innovate when there is more capital?

No, no. I'm not certain how easy it is to innovate.

So that would be my first point.

Now, if you were to look forward to the future, what do you think is top of your agenda for chapter two of Convex, having got to that point, done the deal?

It's clearly we're in a different marketplace.

The market is softening.

We saw minus 4% rate to the end of Q1, which is not a shockingly horrible and difficult marketplace.

Um, but there's also an expected, and I say expected 'cause it can be different, the trajectory that we might expect to see more softening in the future.

Yeah, so really the thing that we're executing on now is, well, what can you do as a carrier to be really successful through this phase of the marketplace? It's about those client relationships.

It's about our relevance in the marketplace, our claims paying, and so the whole proposition.

Do you have any more detail about what that's gonna look like, how it relates to the main carrier, or just the reasons why it's something that you're exploring?