you very thank was much. Richard, great. That
a a pieces. here of notes myself we of a lot I bit on, little moving a through on have as to topics in because I of participant think the I going made lot list that And a marketplace, that. there So market is navigating obviously, are
place of a macro start the know think mind. be this I maybe And would keep on important in we've a observation. past, to top touched So to I it's very but
down as in organization industry, is discussed that And yes, a we that is emotions, the It's But certainly do into that this and that that that to human And as is cyclical something we an and the for industry offline. is driven, is two more this is still past by we've reality those greed. fear an are on. that, can simple cyclical the reality focused that the drill splintered. are want nature
major more cycle, we're cycle. there It cetera. marketplace, And can when most don't where the way. It and product somewhat the talk where people GL, in in that pronounced to more cyclical property I is seeing a et comp what one the just upon lines lines, granular. where marched anymore. product And granular And more is operating mean by that. a about throughout needs is more seeing points the still they time, a are different to what be is is And and that P&C than even where one I manner, market, that but we is think more yes, are is, very and once needs be And lockstep. market, in behaving get the answer more in
a how about, that. the where cycle, product realities major thinking stemming and to we're in about stand of what are product from and I talking So those lens, spend minutes of our want lines the through lines couple some
So past place the be has to Clearly perhaps couple of a over would gotten start property. a headlines of years. lot
is I been to waiting think seems and turn discipline it arriving. like up many have it finally for
marketplace more come. have sprout to begin green And the it much the shoots discipline in more we've seen a with marketplace. of reinsurance in undoubtedly pronounced manner We seen it some to insurance in
appeared disappointed fourth in we were as far lack insurance As marketplace, of that a by bit the the discipline quarter. little property the
way it are our going we 'XX. through and we're more as We convinced, more see to make
to the when But it trying cat And wasn't there. reinsurance fact figure becomes you head both is, soon that simple And are to to reinsurance of would traction. up. are out capacity going you and factor product. our been think up, are how why, occurring. with everybody into is one that costs as that risks. covers losses as start we've knows that remember one your these needs to not also They that cost And apparent, price scratching going The needs
take reinsurance incorporating earlier. even risks to writing you're into even extent really doesn't contemplating pricing, going you're capacity in just be able of quarter that to X/X be and that supporting to new quarter you to, the the the capacity to year till wrote the is as cost, fourth going need for it third part quarter fourth or if business So but effect you what your in not the that because is the
return. when property, there from think our that is direction. risk as is we on our be appetite frankly, think The bend, And that of front. it mistake are than of come in material think are we better the the it the I insurance have on more for poised perspective we have a there chance a believe do again, it good while the a average been sense, and thought it's market. We, is adjusted the to And liability skills getting not opinion would perspective, moving marketplace from property and reinsurance quite by a a to not we hardening. for and in when having some market Clearly, more is front a our property makes
there song for lines pivoting think waiting compensation, to a the I along something Maybe or over was poem change. world went either something to a that workers' of the or
clearly had be perspective. have doing Clearly. is need I as from going I and this world it now by the people would to what are far figured timing out that was things on. cost I mistaken. as loss So where missed one the that a have thought
going likely to the From my to perspective, again for 'XX my something believe can and based forward we bump some on considerable what perspective along continue and see, look-forward is 'XX firming, look to. I hopefully that I throughout to which is beyond colleagues' bottom to is and comp
clearly requires little But occurred taking appropriately in seem our thought the and during into to the bit rating that or for quite discipline, a be meantime, some unnerving frequency that account COVID. it's adjusting benefit frankly and not bureaus perspective, the from
what be future, thoughtful one we Additionally needs about the front. especially very in could that the trend think severity and to medical on as mean well,
is, more after From Auto like. auto don't there another that getting inflation, requires these otherwise very think is, social you news sure to And fall news costs. we a is is today it. easy had that good you go than days to The better think you're product thought challenging loss behind is that it line my the is there perspective, judgment. be and if I if it's product-line to you rates make susceptible
and to excess into in kind is which part, I'm umbrella GL, do interest lump it. to going but the going of one time, inappropriate, I'm of
opportunity social I universe I this be but quickly opportunities the business, a been that's in rate potentially towers. -- there say one stage. the is rate had. sort that to been is needs amount excess Other be are the again, could that of of of concerning, would There only Fortune as to mindful is think X,XXX a of one to amongst very the inflation. I But on huge needs large lot erode. area there's think marketplace. brighter that tell to I'm But of is be watchlist you those than the account the Clearly, how at large has to wouldn't that, mindful there. one that that achieved I referring
D&O it by professional you would it's like have, then there. have Pivoting much to over else. in more liability, ship very took it the is earth. rocket with this a on would one to few gradually off hand, other And would that is a down two may suggest clearly couple That I at stage stories monitoring. everything I that parachute on the The and massive market I large, it, hand say, becoming D&O have to suggest the coming of but holes least. ago, competitive say marketplace. you rate and years small increases a requires
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see this the is a Finally, my how friends all really I broken or what long due with is. reinsurance clock expression moments when a is the the power will market twice space, perhaps with staying one and in to in remains of clock right reinsurance is is and the time think we even respect that how well, right. colleagues discipline And -- much day, it those the the
I market was tell attention there define considerably We in know property would the or did I would market and that cat international X/X least Clearly, than firming you a was U.S. that going the ex-US. hold. a was what at participate to lot was what, marketplace. put it X/X as towards that. I attractive more at of
comments. mean So we pivot mirror what on all talk before us, to does quarter, we this into our sort about few of follow-up and Richard's get the for as
is I is think there opportunity. for us great what still it means
present that diminish other to to need present continue is mean opportunities themselves. and and to and disciplined also we does it prepared focused, as be what themselves think as pivot, I they opportunities
offering of It's great our structure. breadth one about things our of organization the the our and and
of are specialty costs to focused We and loss expertise companies on teams have cycle management of they people manage their niche. collection where and These their understand with teams we people deploy great and understand a capital. how of
think place. short, we So in we're good a pretty long story
As always, capitalize the of of you're growing, we business as business parts going the other opportunities. to perhaps shrinking, see parts on
again on the quarter, also priority. about be couple line. job. FX not to talked belabor the be I'm did I of to Rich, and to will But the think great would adequacy impact. rate always, suggest Pivoting top continue our a going this, He as a and because rate observations always I
going again, within I flagged to over space, see on, new certainly our opportunity activity, presenting XX the property to cat for quite will opportunities I meaningful create see with we As somewhere between us, earlier E&S time. XX on themselves, next frankly. presence the we think is But months months depending
think rate As that keep us of got and release we far as and shy just we more than would are goes, likely seen X exceeding we from perhaps points with the have as that helps up rate of not trend comfortably trend. you
is, find the to renewal premium if that time confusion topic repetitive, renewal and increase. you time does One come of this between apologize up rate on it's versus the things, just of but something that I from rate, exists
true effort in exposure. make we to dollars is unit loss margin, not our happen collect. that our of premium about of that understand cost of sure amount and the North, we the It's and we number collecting are definition to Our per
to increase. much than That with trend. I I've got If keep And the means I'm my gone from but more renewal, to I theory, end And much trucking and it twice as XX premium, I of to running and that collecting that's number get not in at out rate five a have need up turns a five I much as has trucks twice twice exposure. got premium, company, trucks. as up that
there be misunderstanding. we about rate talk when increase, let So
in nurtured increase may about ultimately, have talking that. even not premium, though it We're
And the one is Our unit to as to unit make have we focus that comparing corresponding is per to money on over of of establish. when close sure collect that work amount as exposure. it so we of that, are of exposure we unit apples-to-apples hard very period unpacked can exposure we
did retention. make XX look sort look the renewal business, of different that maybe XX, and to target the somewhere overall, Obviously, ratio. retention between float I we we is levels When on depending parts through renewal comment want XX our different renewal portfolio the product at mix. on of we different to Another lines, retention of
are we for priority to that as ticking minimum an retention rate is getting harder. that When can every we at rate a it be an above we perspective, see our in it is invitation day a from much adequacy. organization. important ratio be granular renewal us up that a ensure the to pushing at be That's testing very as rate at thing want as market to that, to level, a We
quick last talked speaks comment quality which, about that in think top on again, One line we've I past, the integrity. the to
aboveX, year. more the charging XXX you or than Our means are new for we will, the renewal which business relativity business was above year for bit for again if a new
Moving XX.X. that. folks to the Rich may a some maybe on high I be okay, at know level, there losses. covered
losses those may to realize be you about that we've was of it the X particular subscribe not and widespread. loss had point share in the looking I'm may you and [indiscernible], operating ratio. quarter, unit. maybe to wasn't the X.XX added -- What It somewhere you fire with For is to some And pretty that the between any you XX.X. at that in
saw amongst reinsurance saw the the both We business units, in and various it too. we in operating insurance it business
the it we we're to be we missing there's that that, to sure And to make not here. So tending are to is, extent trying quickly. want focused that something on there
is whole the A give to lines. story, One full going loss it are qualify you for going which, about past, you the for point anything paid need ratio. is or these but is I've I'm we and in don't point, data relevant of again, historical -- the qualified be last way, to worry it points couple those believe not a data the now data seasonality to year, that to that I'm along going the to
Paid XX; loss XX; 'XX, 'XX, ratio XX; 'XX, 'XX, XX; for XX. XX; 'XX, XXXX,
value I you and money expense about that interpret can Certainly, team try to You for valuable story, point Rich XX.X. we way are it and whole the good the end want, that view data nevertheless, on a the this tell a spent. the whole that any point. continue talked extrapolate sure as is doesn't getting data make we ratio, that
we've relates that a reasonable make are good up we behalf top job on think that. have technology keeping done a also Obviously, done on job sure of our front, of as on we the as ongoing cost to are very mentioned, the staying which trying it we and have with to think And I compensation, future. for of investments important colleagues living, we Rich
that Could it from little focused, a it we up we as competitive, here? XX Yes. keeping making front Rich's tick are constantly book on below sure and acquisition yield said, a Rich following the comments is think spending just investment flags cost our as the X.X%. on I sitting bit X.X, are couple in duration absolutely. And remaining Do thoughtful. that of he Maybe moments
flagged And the again, with I flag will I rate is money of these we're X.X%, as days north flirting think Rich and new X%.
others achieve and very spread leave yield between money will for for about we're model, the to for what I economic able what that I as the it to rate blanks to you and economic extrapolate our encouraging. is the and it model. think the new book fill you But our means think when it obviously, to means this in So what
front. investment quick comment One on last the
that are to more it time. to not are an a way, to towards and we rush. duration in out way going We're towards are certainly to in very and open But that we maybe in we beginning considering X.X, over again, a we While not a close. going X.X thoughtful opportunistic do are windows push rush do as in
Q&A. starts the of quick move that Q&A to soon up, you couple and onto the since then most is I'm offer I'm a over, on So we summary hanging everyone of folks going just as to comments, as will
to lot think for we by measure, that positioned, how have think had what out you we while And very exactly for any nobody in business pieces strong the certainty good the bring, a business. I coming with laid the position a when at be very look I years attractive of knows year. tomorrow is will
the side. I underwriting think as both that on side investment as on the well is the case
As moments means. book few is the can the you money and I ago, that suggested where yield new a where see rate is what and
In there picks dropped addition for is that we the see and know rate business. earning mean are are our more to some that that, why the through that I that is going wondering, what not can are loss quickly. that to increases you have it
to we understand of revisit. it certainly you something not want out that of how the some that and the is of aware and are to sure the to is, we And we we oven we visit some leveraged cake please look do we acutely unknowns prematurely. and take at the that and need model But make
enough of that, I probably more it than please. think with why don't we have open for please questions So Bo, had me. up people
