Mr. Gerry Hassett:

Can I make one point of clarification? My apologies; it is complex. The premium gathered is gathered in a single 12-month period. It is for a risk in that 12-month period and the insured takes on that risk. However, a claim can be incurred in several years after that period. There is not a direct link in each 12-month period between the premium and the claim. The claims, in particular, are multi-annual.