Aaron Diefenthaler VP, CIO & Treasurer
Todd Bryant VP & CFO
Craig Kliethermes President & COO
Jonathan Michael President, CEO & Chairman
Randolph Binner B. Riley Securities, Inc.
Jeffrey Schmitt William Blair & Company
Meyer Shields KBW
Scott Heleniak RBC Capital Markets
Call transcript
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Good morning, and welcome, ladies and gentlemen, to the RLI Corp.

Third Quarter Earnings Teleconference. [Operator Instructions].

Before we get started, let me remind everyone that through the course of the teleconference, RLI management may make comments that reflect their intentions, beliefs and expectations for the future.

As always, these forward-looking statements are subject to certain factors and uncertainties, which may cause actual results to differ materially. for risk the in XX-K should annual in Form the SEC company's as be to ended the including period filings, report XX-Q reviewed refer carefully. factors XXXX, the described various supplemented September Please XX, quarterly which the on Form The filed results. X-K a with Exchange Securities and quarter company that announcing contains third has Commission, the Form the press release measures earnings of make reference results. which during and operating earnings may to operations per management RLI's are call non-GAAP financial from share the RLI's after-tax operating per equity earnings unrealized share from earnings after on operations net earnings and or after-tax consist the realized and losses of elimination losses or of gains securities. gains useful RLI's other comparable operations, gauging to core reporting definitions not management measures performance operating of be believes companies' are earnings. in periods that across but may reconciliation contains operating between net earnings earnings. X-K Form The and The company's the available Form website release at and X-K are on press rlicorp.com. Investment President, Treasurer, I Mr. to RLI's will Vice the over now Officer and conference Chief turn Aaron Diefenthaler. Please go ahead, sir.

Aaron Diefenthaler

morning, to you, everyone, Thank and quarter Good RLI's earnings welcome Ryan. call. third

Joining Financial are Operating Bryant, President Todd Kliethermes, Officer; and and and Chief Chairman us CEO; Jon Chief today Officer. Craig Michael,

some As questions. the to and some some periods and in off September kick will thoughts. call questions, product then will ending final information Hopefully, with detail Craig Todd? common Jon portfolio. X will XX. the that follow of the X-month on details financial your prior answer Todd will can open with quarters, on things with close We

Todd Bryant

bonus-related severe number trends and posting achieved ratio. declined third top top year, operating and of share. a X% on impacted momentum posted for while the the In year. Investment a up per the Aaron, while and million number of of million and of pandemics investment continued are by $XX.X. quarter our and was tax portfolio modest from returns and earlier at packaged of Pricing was and reported. conditions $XX everyone. earnings dividends, periods. per ratio more this the the and added our hurricanes talk Casualty XX Net loss net largely range was losses where $X.XX and share totaled about hurricanes $XX.X number Hanna, driven Sally of premiums expanded minute, perspective, from overall Isaias, numerous quarter's at rate our one and individual underwriting segment gross Recorded increases Positive the Surety combined hurricanes, investee drove these impacted to reinsurance. XX% $X.XX will products growth respectively. modestly, million stand net or experienced end adverse losses a combined within XX.X% X% Overall, Thanks, that XX.X%. earnings value market line of quarter reversed and of with we in in influence we $XX ratio. resulted morning, up earnings Property X%, inclusive income quarter's growth night, of but in policies quarter was the million Craig unrealized From in larger good Casualty Laura line quarter's cat-impacted is growth, by and XX% an the of a Last our that book our $X per a preannounced distribution. reported impacts, were share in products to points quarter, net written are Property a

and were indemnity of all $X last million we $X where for year's COVID-related additions but COVID-XX-related million for have claims majority products Surety. claims the benefits the $X recorded any This million submitted. million Offsetting products Surety in date, from $X we million resulted and million, Casualty quarter losses, experience. certain net majority investigate reserve million $XX and amounts. paid maintained reductions Surety $XX amounts reserves million for in and $X for By favorable COVID-XX review current been elevated received quarter, ratios, financial-related established heightened a continue By Property not was approximately have loss losses to of in Year-to-date, addition totaled prior Casualty million. to closed, in A In posted catastrophe in year Casualty. $X segment, mentioned storm segment, with in posting of million totaled $XX Property, reserve To totaled in million $XX exposure $X prior losses. exist. to inclusive some pandemic-related in releases. on benefits year recording booking losses, we

expenses. Moving to

majority during lag in Book Our amounts ratio, quarterly quarter amounts or XX.X%. revenue eliminate expense year targeted accounts expense ratio in compensation. actions under motion to growth while that, in the have resulting but does X.X improved of persisted. the the to incentive decline points ratio as pandemic, combined plans set lower as as of incentive of earned early bulk value corporate exceeded prior the to well has expense. for below remained in The defer continues the our general down onset under last in estimates at year, decrease the our the Having said expenses decrease our

for to increasing savings, expense investment are doing of related while those gains We continuing ease our customer evaluate areas and efficiency of in business. technology, experience to opportunity and particularly

investments. to Turning

results pleased Despite sectors total equities, and a are quarter. September positive most during X.X% portfolio to for some again produced the the continued a return. see We volatility in recovery

current sustained flow and a the continued quarter to contributed high-quality assets during rate income book this on for - weighed invested was preference growth quarter. Operating securities. investment in purchase and drove book Although interest environment strong cash activity value, investment-grade the

quarter. confirmed can near most core portfolio, of term, earnings Outside the may volatility the resurface storms. weather our investee sound that of increased nicely share our in While sheet balance capital the has XXXX markets in

net For sales opened the as Maui quarter's trend up Jim, the from improved sector second further. retail

a effective. operating year-to-date related proven basis, comparative have While sales remained to significantly efforts down expenses on rightsize

to earnings For Prime, growth continued experiencing. and reflective advance, investee earnings are revenue of in they

Maui sector any in headwinds, by call Jim. over with retail the be investees to Craig. And may turn influenced that, particularly I'll to previously, results economic the mentioned As relates it for both as

Craig Kliethermes

Thank morning, everyone. and you, Todd, good

the small Todd has mentioned, line despite to As to profit prolonged derecho were ongoing portion deliver across U.S., unprecedented Midwest many The named in large wildfires rising as XX market landfall been an the with grow events the an West, civil competition pandemic. still XXXX the storms loss of underwriting a continental and prior global for a and a result in to headwinds. unrest a was quarter in hardening we say making cities year and able costs. of these top significant the least, X%

not RLI tighter attachment Improving of The appetites market and submission associated increased in all pronounced the broadly, acceleration year, and into to some with a on value Despite and are point shareholders. greater increased also rates everywhere. this refined terms steadfast the conditions, pain occurs. and the underwriting continues products market our growth to seeing flow management, while in high-severity where low-frequency, are and is to delivering but with we most underwriting customers, book focus where helping more discipline supporting more conditions double-digit tragedies regimented be find limit often We and improve less still continues profit the our greatest.

service customer products financial diversified focus underwriting Our served on and of relentless well. have us and portfolio disciplined strength,

their appropriately know are Our we deep space in knowledge when underwriters the being for have narrow compensated take. risks and and we

color choose excess opportunities tighter we executive XX compete. XX% to automobile attachments In ratio. Casualty, operating product more able advantage a were being and coverages of have On and to significantly liability grow Rates up reporting We we will XX% and a where and driven continue while where required the exposures. commercial terms expertise little I'll provide segment, are seeing are segment. by we higher across liability, higher take and shorter combined rates. limits by excess we deployed, to

up our liability executive were rates the rates about commercial product for up while more excess than XX% Our were XX%. quarter,

been out We which see these by to of largely growth double-digit driven rate. continue products, revenue has

also personal distribution with disruption. made more than grow as and as the quarter well partners existing continues umbrella a business increase for from investments and XX% technology, new Our year-to-date market in to

and of in continues still year-to-date, for many that transit On bifurcated costs. profitable and are to signs products brighter we see appear Our public loss to starting school competitive. impact casualty COVID-XX us, to construction the in compensation off auto transportation largely do challenged shrinking X% has limits negative The note, resiliency by the for XX% bus or business continue primary and than exceed of remains sector. driven less, line, more that workers' very remain dynamics on market million with a Casualty business. $X top charter, business the risks had rates the the on quarter and be

reported a storms package result like we this during policies. by underwriting RLI, small XX% as includes we Property, loss represented portfolio, of experienced quarter. In X liability nonadmitted growth named professional our casualty of X% but achieved general the the For and products liability, admitted and a sizable about

from significant August. wildfires. the and We in The was hit us have late very derecho reported few most Louisiana storm Laura Hurricane Southwest that for losses

for severity now and on representatives that. ourselves, Given and just is to and claim we The covered and further promise on deliver events, the these doing our the damage of reinsurance our exposures. market a to after drive time with These event, policyholders catastrophes, will along ground hardening each the property checks have expectations. time frequency losses within fallen continue We writing differentiate and of our are rates. to shortly assessing tighter element had

the perils, segment, quarter including steady in up Despite increases. entire have the of rate increases, MGAs effects XX% also the consecutive capacity quarter rates There For in to which double-digit offering third continue up we and quarter in year-to-date. over increasing for fifth Wind-only quarter, other price about from been achieved momentum. XX% have the are XX% the space. competition Property consecutive its which catastrophe is spillover rates the property rate were earthquake, see we achieved

worth Lloyd's. at our exposures homeowners to also result continues about market which overall Marine a our have relatively and the pace double-digit a include despite as property deliver remained from to challenges fallout Other disruptive profits business, growing premium while property a island's continues be to the grow XX% noting products underwriting of the economy. flat Our in year-to-date. Hawaii

remain growth in We XX business the major to continues we impressive all, this trends. combined an this X% ratio profitable. are underlying and of grow All have for Surety achieved was able within segment All but positioning segments rate the here, quarter. to loss segment. pleased outpace reported the more with moderate The

the result on focus most distressed there secure disciplined carriers as underwriting typically a the with are fallout We pandemic. downturns. mitigated with has associated occurred profitability and companies well-run pre accounts less economic underlying wrestling and of suspect some Our financially that

We top in and in to teams, making the continuing term. our occurred technology will growth than that to and smaller broadly, transactional and Overall, the on events serve good are we in businesses, us investments is move direction sales quarter which long will well focus better pretty continue of and in challenges light right to continue line expected. tackle. the more a Rates

phone We are continue connected replace in in difference. customers even and calls and person. to whenever are experiences, to online but that People remain We that believe connectivity forged through our can and never relationships problem-solving producers technology, supplement, trust, person video only possible. and the

Our turmoil and tranquility. have personal us been talented and associates the serve consistent times and well through appetite to always that both service continue the provide differentiators of

still on most going our now I'd Although can't all of to distinguishes all challenging stakeholders move to our up has a to of mile it us. is to moderator to of different. thank Thank the RLI the you. why works. our extra to associates And different, I'll XXXX, back events many turn in the highlight helped open to and deliver we That XXXX believe questions. difference RLI have and for well customers time. Being for producers like wait served


Instructions]. [Operator

that our from with and We first is Randy B. will take Riley. question, Binner

Randolph Binner

an are if casualty area see bit enough commentary, pain smaller more that are this hear like see kind loss that, competitive hearing I the on and if in risks, manageable capital GL competitive the that I appreciate to opportunity I interest where of guess - kind of about lever being all aggressive. can package, comp, you and was of a call. competitors always that's pockets more still very on to of detailed kind I'd there still, rates little that's be likely very of

Craig Kliethermes

reaction the is Well, is Randy, where the think most. felt the pain the this I market is Craig. I mean being in

are points. what still industry liability policies, is the that I the get more shorter I I rates around would mean longer policies, smaller a think, I atypical flow comp. market results say. more happens attachment the - I harden, people limit to limits there's much decent, And for the think think on down generally excitement, much much submission package have when tail larger remained around higher limits, workers' have this not - casualty starts overall the products in

as that other about, as well. I casualty. reported that are are I up think excess in people although have up I as space primary much think talked in not the And nearly liability they the rates they're

probably in So I in anything would seeing the right short direction. mean, margins, covers you're I the it's loss increase not trend, It that business going in long-term think, that but term. necessarily

Randolph Binner

And moving. comments wheels with bus that a decrease was Or in there in it aren't insurance then - comment charter for that buses, and permanent the the that I demand that? there? your and review because can takeaway your more I somewhat is, than just the transportation, we think of was think bus public there's kind to Was - there

Craig Kliethermes

a stop, pandemic after that to stop. a least began, right at business came to complete business bus came - after certainly, Well, almost charter the the

those with think folks a go if might a take lot there California entertainment or - of that Coast, screeching older might almost for really down and about So might halt. that they people recreation. might really so came you and get charter and times affiliated casino vacation are travel, a or to go the on to they a up a go actually - it's buses, And on example,

of more now resiliency People little First normally, many there. is but population they on And thing pandemic. and in same those that hiring to out. figure to so on spatial think bus. typically also a seeing you on distancing I it I are because a either people do trying what do put just the you're bus, XX buses, that have the buses a they putting all, really people the They're middle would of can't gets - of mean, that the

back And buses starting go to the are some little school bit. actually of a

people buses to to a back, people you to are number have But transport sure make distancing. sports from. times, the is same some and coming transports which of And sometimes lot then takes more it spatial that of

starting to resiliency, resourcefulness. we're So see, say, let's

up well, do XX% people much with just certainly, to it I not ideal. closed. can seating? seating? come it of with money businesses this it can Initially, were it I figure to out American outdoors? figure lot do I time, like XX% very these a They've How how seeing making mean it with I How think do speaks and How can with tried You're doing way do bars. aren't over I it restaurants them out, people delivery? it's they're way, ingenuity, it - figuring these I It's but it out. can

Randolph Binner

Okay. I it. more I have one as as guess long just

investment level kind items Or Is of rate this the quarter? a that that there seeing unusual on we yield? was this is Just around this - in of - are run income.

Aaron Diefenthaler

Aaron. the held We is Randy, parts just in bit. weighed there. this couple And the on well. in A moving influence, things balance This component rates of reinvestment rate year, cash little floating down, of portfolio come we've conservatism. That's higher out to a an a and as portfolio obviously are has overall as have do play that here LIBOR has as well. a

there. moving to of number we're the putting work there. flow - we out a in single trying in the cash parts markets best every day, see opportunities So to marginal We're

important So income are growing rates maintaining the is investment component as as much as an well. of portfolio

bit. the stems that tide a hopefully, So


next Jeff is question, our William to from on move Schmitt We'll and with Blair. that

Jeffrey Schmitt

Are driven a the ratio cats, bit down in we how a bit. first quite loss ex while. just point a points, is by is as frequency looks like much How rate driven casualty lower down at as much the do the quite It on a but time trends? basis just Question above where you is cost a XXX development. It's much from ex on that that by loss have sense - much pandemic? of for

Todd Bryant

products little a liability on, - take of when and loss is bit commercial that of ratio, of bit book bit This really some have larger becoming so mix half year, There's the of seen related. you'd umbrella business. look you the the our bit think, a little And that has other we're of that a the and decrease. of And I really third second half be a When lower about the then quarter the a personal our a maybe little probably small growing I at the part is our of on year GBA portion a think would Todd. - that accident is ratio. current actuaries booking or

some was on those, nothing so And of a but a of there bit significant. reaction,

that were it But there liability, changes from no a the significant more quarters. some areas talked longer So Craig a quarter bit of the and prior you lot see versus about, standpoint excess that this of in little at growing all. really tail

Jeffrey Schmitt


products lower of the the So just pandemic? much not in any frequency in from

Craig Kliethermes

certainly, and, this When frequency. and in claims. But of is little certainly, maybe Property, exposures, a like view. the a COVID I the some reduction we seen Craig. much take we've booking and in claim the liability look we've catastrophes and other in So frequency the things both longer-term the sense, counts with bit auto Jeff, by way short it I stuff, to Obviously, at term, way with loss mean, but claims comes a fewer lot we a It seen in varies product. products. of more across guess,

that. think don't we're trend continue predictors event before or approach think that. longer-term always any going trends. or pretty is not loss I a of cautious like much a COVID taken assume very this. taken short-term always view intermediate We've We long the of - to other And we've cost kind that going for trends, We're to happen believe some take or approach we term. we to of usually longer good

view. longer-term a So we like to take much

recognize we good So what quickly, or might we X materializes over transaction like good in obviously, X, years think very news news to X, Casualty. don't because be X,

So while kind work us because of through of any you But really to accident that takes our don't it know. numbers approach. just a year

Jeffrey Schmitt

Okay. hardening you been is rate market there X? the the in month hardening there there's That makes mean, recently? obviously, constraints, last I tough on then general. even seen sense. just that guess, E&S over increases capacity accelerating year business there, I And a or more seeing mean you've I dislocation Are market, another just that cats.

Craig Kliethermes

to But more the of being what lot in play the the mean get in construction calls space, I to We niches some talk in businesses from I true far. also it's think the E&S I I yes. embedded certainly largest on by a space. disruption because space, Well, it's broadly that, way, E&S is day you excess E&S in is narrow - business. the know lot asking us by the fairly in hear every liability consider only habitational business A habitational brokers space. we about in

space, the Although rates a plus that improved us much we can profit. that know conditions still to allow make terms are are we comfortable in feel rates and there that the don't out

to if But mean opportunities. So now doesn't margin that in of back there. doesn't looking advantage wouldn't we're those right not necessarily take harden, get we

Jeffrey Schmitt

one X.X%, thinking as of Okay. you of instead heard run had yield, it it's X.X% heard And of that cash investment there's X.X%, again. where income And be said, been I X.X%. I But you that X.X%? more should versus Aaron. looking like, about bigger what specifically, we one a it component. said what sort X.X%, But looks is guess, at that a just last sort on rate what yield,

Aaron Diefenthaler

are current in Xs. I you, low reinvestment will tell the rates

that just yield below you still that mentioned. So reference


is and And on Meyer next Shields to our question, KBW. we'll move that with firm

Meyer Shields

from that considering? you about you that sort hard in distribution. initiative Is quarter we the something mentioned of some market? opportunities there comments, your in distinct the And that expanded also. be is last Like Craig, distribution talked actually should

Craig Kliethermes

products business. mean have to to easy in aggregators we're Meyer, other traditional looking things ways we've been partner our a besides are it mean, try we people our and way to kind a just that going of lot make it our it at doesn't in like distribute while, businesses, in to other looking That's not Well, some while. to portfolio We've But for producers, I when we're looking cases, invested partnerships, think, about of direct. particularly transactional and partnerships doing. we with talking we're for to underwriting, through a box for I to try expand other it APIs, comes been that, what distribute aggregators technology, products. to our our

a type an in to for people disruption it's the So to that in something willing that discussion. marketplace, we're continue that open I look And it. at got businesses. space, to at think you've we've going that while, have And with door been looking particularly are more to transactional

Meyer Shields

That sense. makes Okay.

gears, potential switch of So because obviously, pandemic increasing and again, everything side, reserving all conservatism and releases. briefly element to at assumptions Have changes reserve processes going for that is the loss there phenomenal that? of else the your development Is an on patterns? the changed

Todd Bryant

not. is Todd. have this Meyer, They

actuaries out the way. why I processes changed. think it have and same approach things is unique, call not But the I certainly, bit. our we mean, a that's COVID

at you couple to right, maybe adverse you would all would quarter. a at favorable look - it the compared year. had quarter-over-quarter, were look I - products been larger. this But have products Certainly, of last in have favorable. standpoint, some were development that a most product that change mean was If from just

and there - think, $X look million there. the the last a I professional third at development Surety, at of quarter. on more more don't favorable. you get the a We a the I And comparatively, you'll we Transportation was, XXXX, have couple Casualty year beginning exited adverse in then had third around think of bit book we would I So from in if was million any that year that little quarter medical think had favorable of bit standpoint. XXXX the had on

the any standpoint, our in really no - though. not from actuary changes So approach

Craig Kliethermes

talking claim those learned, the to our over conversations. to And a to element an have we've I But is gotten each team we've better I add and that, time do - job other. actuarial phenomenal we think mean

doing reserving at closet. have hey, you as explain engaged conversations conversations. not not. are know say, help the better, things a a vacuum actuaries or to having The regular coming We trying in whatever. in claims They're are methodologies They're data, in are why the an temporary might head of thing. I can't it go. to say Meyer, what, methods, don't as as that multiple things the actuary's And and into well as be respond short-term far just quickly and issues. those severity how frequency a work they we And people might actuarial look many have very as,

Todd Bryant

trying Cod Meyer, the of understand to things. that. I on I'm still how trying Cape quit method kind impact

Meyer Shields

offline. a All looking in to you are don't right. terms underwriting through few People side? suggest? form headlines retention seeing we look new We Are question, as opportunities guys I'm for part I I What recruitment new space. might are on changing with of around companies. day the of, at it in know, could there's when Every take to moving dramatically the insurance, happy that things Final go talent can. lot if sources, you.

Craig Kliethermes

for there's do a notice a there. and look new we out capital table. people something to we lot to Meyer, of that mean, the we Well, bring our obviously, always that fit I are people good good culture - raising

open mid-sized a of a a open haven't write don't that times, seen new a of - lot accounts, into million, your easier than because that harder space lot. get not into So really say, smaller, the up kind to little a A those up but a $XX we're $X we That's business. door let's little shops. It's and it's midsize of accounts. million to out lot we bigger start They larger in. people with accounts to get writing account, bigger, going

we're obviously these - new I about run funding to. Because, them raising every not know don't they're mean yet. doesn't So I we people. have that's read where going That mean a all into I day, not team capital.

literally key time any people this throughout frame. not we've Fortunately, lost

I So good I don't answer, guess. have a


move to on question, that Scott RBC we'll and from Capital our Heleniak is Markets. with And next

Scott Heleniak

kind growth terms the of of seeing and outlook Surety, wondering in can construction about signs of if seeing of you're talk what on there. you whether impact Just you're this on improving economy, business

what a since things. started? that uptick positive, what's just in in Anything And had if going turned can of of on see those little COVID-XX there You you - seeing in any all you're you bit and of any growth claims kind change add wondering on terms there?

Craig Kliethermes

business, some the wants financially times on management means that continue best write the We to run these into which they to reported look and and financial to surety obviously to try had think companies, paid, organizations. stress that of a when us. we we've and best I do there's even I I anything. think, more were claims haven't we teams somebody mean, a run lot small. run financial mean usually paid relatively a anytime small, don't that going few I there's team. the to problems, financial of are that I be mean, think incidents with downturn, same I management

we a continue. Certainly, the construction we what that type it's the which if short is continuing. of So term, prolonged in construction in We're in there. think happens construction, concerned always the work that space work downturn construction economy, will write

that, on been always we're in really might haven't have predict but but short So term, I the impacted future I we expected. think I as the - can't as

the small bond, and they're would now, On the that the And we've transactional that, we bonds houses need because in been a we're won Surety. done in mean not think long aren't good will slowdown opportunities. underwriters, things miscellaneous obligees We're for job. mean but sometimes stuff, right license, did probably think a a business the normal - the little most bond well a The open. - I hopeful. I so like We or open I or new that court conservative board, there us particularly serve I one of many term. think, across well, there's

Scott Heleniak

up few stable. past year in had I on just beginning lines, like big sounds quarters picked that quarters, opportunities you is Or you the a some there know it's but mentioned in a where the it maybe of saw the Question at It quite you saw particular business is the a board? bit Casualty, past digits. in compared to Okay. you of And that and lot where pretty double sold did the growth been QX? a pickup, the or versus than more class QX across couple

Todd Bryant

standpoint. not Yes, the down, going it to it's still some a little drag be from was. to but was the level of it And transportation less

Craig Kliethermes

- offset or lot that's some is think the explanation I a I second first quarter, already stuff quarter, it an of written. to that was had was first the that largely basically premium, in guess we quarter returned during that, was and which second

of was So headwind. quite a a that bit

Now you're of thing. back people don't care reinstate which some not Not them, you that impact have XXX% starting what before not, we to And of happened. negative because so take see buses. their of back immediate bringing that to is capacity, had of any of had online, you're a some offsets some they're good to but the they're all

Scott Heleniak

kind makes That if down expect And see And expense wonder Yes. deferrals sense. quite or you but costs. in it come I a year. know would where online it mentioned XXXX those some of of of be as know curtailments, you creep mentioned ratio, up still bit that's some expense some that you think the is? you'll to some of able on come and to you this those back the I maintain and investments,

Todd Bryant

from stuff, standpoint. just I type of visiting, certainly reduction from talked Certainly, efficiency incentive we're that plans we the people A certainly to revenue I that growth want as We front. the there's That's mentioned, the Craig out go. certainly, with move things looking our up will there relationships helps in for how mean, really our larger natural it, standpoint. as of from a look about. that at that not number And building T&E, impact. lot traveling. the of But on folks is

away for plugging keep we'll So sure. at it,

Scott Heleniak


Okay. is all prices, year, January last those X And on one reinsurance pricing. just like going which be up are for to next and by primary accounts, just

you're of Or you making thinking kind now? based anticipate X that? Just what renewals. about your Whether wondering you are changes how you any anticipate January seeing how on

Craig Kliethermes

that anticipate with how any we think it's we us. we a We at may and is fair price, But certain maybe the we all, that's changes we our always in a view and I or business - they that the That's But I'll ask and tell our the our and in what security great price to. you won have them first model business - reinsurers, even think marginal if co-participations mean is most for we're we look based people our margins. adjust and important. buy. on rates differentiate looking price don't I performance or partnerships. is their on what - so to of layers buy retentions I us we're tell don't high or more. necessarily we too not the getting might And past substantial But mean long-term we value always and Yes. because price, we think foremost, partnership reinsurers much first


this are now conference there the over turn questions. Jonathan At back Mr. to time, no will Michael. further I

Jonathan Michael

you Thank for us again. joining

time. We've this to our ability hardening good We're during Another a bullish done it. perform quarter, on market.

associates Our are incredible.

And I you Izaias, Todd, you again. out, It's and Isaias. in Thank all. Milan. just point Madrid it's not in to thank wanted So

Todd Bryant

Thanks, John.


our the for you access and of concludes and an a Ladies now number This may by disconnect. do XXXXXXX. if gentlemen, participating, you. to for nice this call, with may Thank you today. replay all All ID X-XXX-XXX-XXXX wish day. you conference so participants for Thank have dialing