Dr. Cyril Roux:

That would be very surprising because they charge competitive rates and face the same claims environment. If one looks at a niche player that would only concentrate on a particular age group or something like commercial vans, for example, they will have different economics. At Setanta I was mostly on private vans. I do not want to go into the specifics of firms but my understanding of Aviva or AIG business is that they are main players so their economics would be the same, at least for premiums and claims. Then one gets into something more tricky which is how branches are treated. A branch is not a company. The way a UK company, for instance, will allocate cost to a branch is something it does the way it wants. The cost of capital, the cost of re-insurance, expenses, IT, marketing, brand-----