Mr. Stephen Rance:

We, JLT Insurance Brokers, are insurance brokers and deal with hundreds of insurance companies. I am forever taking structures, transactions, ideas and notion to those insurers to try to make them work. What is critical is that every party involved in the mortgage has, as we have said in the past, skin in the game. We insure the behaviour of those parties as appropriate and the risk is commensurate. If that were not the case, the risk could be so high to one party that the premium goes out the window and it would not be a structurable transaction.