Meyer Shields: One quick question and one maybe bigger picture. On the quick side, Todd, if I didn't mishear, you talked about adjusting the accident year picks Casualty and Property, but not Surety, which had a phenomenal underlying loss ratio. Did I just miss here? Or is there something else going on in Surety?
Todd Bryant: Nothing else going on, Meyer. I mean, I think we're being cautious there, certainly given the economy and that type of thing. I mentioned specifically Property because it was larger on the current accident year, if you will, the 4 points. And Casualty, just because it is a much bigger book and certainly weighs in on things there. But nothing unique on the Surety side, no.
Meyer Shields: Okay. Fair enough. And then I'm thinking about Jen's comments about may be sort of the overall exposure base in Property. And I'm wondering whether when you look back the portion of excess capital that you retained from the Maui Jim's proceeds, looking back, does that seem like it was the right amount now that you have further clarity on reinsurance.
Jen Klobnak: This is Jen again. With our diverse portfolio, we kind of look at the entire portfolio as we evaluate our capital adequately. And I would say, given the growth of our portfolio over the last few years, in particular, you think about what drives the need for capital, that additional capital really does support the current and some near-term growth that we think could happen in the future.
Craig Kliethermes: And Meyer, just to add, let me help here too. I mean, I do think that retain that amount of capital gave us the flexibility to -- and the options that we talked about is increasing co-participations and retentions that gave us some flexibility in regards to what we want to do. I think we didn't want to be totally at the mercy of the reinsurance market, given the abrupt change in appetite result. So I don't know if we actually use all that, but it gave us the flexibility.
Operator: Our next question comes from Mark Dwelle from RBC Capital Markets.
Mark Dwelle: Yes. I guess continuing on the reinsurance theme, as you correctly prognosticated. When you think about trying to pass along your 40% rate increase to customers on renewal business on Property and CAT-exposed business. I mean, what does that amount to sort of a 20% or 25% rate increase that your customers would need to take in order to match the increase that you've paid?
Jen Klobnak: Well, so this is Jen. I would say we've already built in some rate increase throughout 2022, anticipating this cost. And I'd like to take a moment to talk about our customers. So as we look at our renewal process, we quote it 30 to 60 days out so that we can help our insurers manage their business. So they've got a lot of increased costs already. They've got increased employee costs. They have, in some cases, increased gas and transportation costs, all kinds of costs that are going up were one component of their business. And we try to help manage their ability to save business by not taking too drastic of actions.
In contrast, I would say the reinsurance market acted a little more quickly on their change in both attempted change in coverage as well as cost. And so it's difficult to turn on a dime and pass that along, nor is it really something you want to do when you're trying to be very consistent in the primary market. So we'll continue to push on each renewal what make sense. I mean we are individually underwriting this business, but particularly in the state of Florida, for example.
So as the business comes in, we're looking at all the details of that exposure and that location and the various dynamics in that area to understand what had changed from the prior year. And yes, our costs have gone up. So yes, we will increase costs to some extent. But we're going to try to manage it over time so that our insurers
