“Our ability to be able to respond to that demand is there with plenty of capacity and an appetite that is going to allow us to improve the risk-adjusted returns and the overall combined ratio.”

In context

“announced it last quarter, but just a couple of statistics that will frame why it's early days, but it's working. The rate environment that we're in on an emitted basis in high net worth, we increased 10% in E&S. It went up 20% on our held book. Our partnership with Ryan Specialty, they're building infrastructure, building sales capacity. We're appointing a lot of retail agents that had no access to AIG or capital for high net worth before our signing up. We expect that to accelerate and continue to grow. In the third quarter, our new business, 50% of it was E&S. Again, we had good growth. I mean, the nominal is not going to move the needle, but we have momentum there. And I would expect in 2025, E&S alone in our strategy will grow the top line 10%. The demand is going to be significant. Our ability to be able to respond to that demand is there with plenty of capacity and an appetite that is going to allow us to improve the risk-adjusted returns and the overall combined ratio. Alex Scott: Thank you. Peter Zaffino: Thank you. Operator: Thank you. Our next question comes from Elyse Greenspan with Wells Fargo. Your line is open. Elyse Greenspan: Hi, thanks. Good morning. My first question was just on the North America commercial. If I adjust out the one-off -- the one-off in the quarter, right, the -- it came in at 61.1% on an ex-CAT accident year loss ratio basis. You guys are at 61.9% in the first half of the year. So I was just hoping to get more colors on what drove the improvement in the quarter and if that's sustainable into the fourth quarter and 2025. Peter Zaffino: This is not going to be like the 91.6% question, is it Elyse? Don, do you want to just give a little bit of insight in terms of what's happening with the loss ratio? Don Bailey: So in the North”