And Robert Flack notes that investors are still seeing margin in what is currently going on the books.

We're of the view, our investors are of the view, that there is still a margin in the reinsurance market.

Yes, absolutely, rates are coming off, but the level of profitability that our clients have made out of the reinsurance market over the last several years is sufficient for them to believe that despite rates falling off, there's still that margin in there.