Mr. Aidan Connaughton:

Like Mr. Bradley and his colleagues in AXA, we take a risk-based approach to this. We are looking at the exposures as they reflect across the portfolios and we will be buying reinsurance to protect ourselves from the level of volatility. There is also an element of the potential for reinsurers to be looking at this equally, perhaps to see the insurance prices going up as a result of actions they would be seeing on their portfolios across the globe.