Tracy Benghigi

“So capital returns were notably light in the third quarter with modest buybacks and no special dividends and maybe less growth opportunities like we saw in reinsurance and monoline excess.”

“The buyback this quarter made sense given the implied share price when that was done. But unlike most PNC insurers that sit on a ton of excess capital, you run a more efficient capital structure and have historically raised equity to fund growth.”

“A follow-up on Annapurna RE, the $200 million premiums you plan to see per quarter, I appreciate there's no cherry-picking, the mechanism is a quota share, but I'm curious, is the idea, let's say, for example, rather than cut casualty XOL by a quarter, why not give that to Annapurna through a quota share, or should we…”

“So the 3.9-year duration of your reserves, I'm assuming that's on a discounted basis. What would that be on a nominal basis?”

“So you're clearly pulling back in global property within this Skyward specialty segment. At the same time, we're hearing that the Lloyd's market has become more aggressive on property, contributing to broader property softness.”