“I have singled out personal because I think that combined ratio is not where any of us want to be... which we fully expect to do.”

In context

“If I look at what we do budget for AAL over the last couple of years relative to our overall experience, it's been exactly where we anticipated even with elevated activity. So this is no different. I mentioned on the call that we're going to take first event losses around the same with reinsurance that we did in 2024, but second and third events will be less. And so that's how we structured it. And we are confirming guidance on the 10% including what happened in January. I think Keith noted that we have a lot of different ways in which we can sort of drive improvement in terms of earnings. I did as well in my prepared remarks. We're really pleased with the commercial portfolio and how it's performed on a combined ratio basis. We just continue to, I think, elevate our overall performance. I have singled out personal because I think that combined ratio is not where any of us want to be. We consolidated that under one leader. Jon Hancock, he's shown exceptional leadership in what he's done with the commercial portfolio in international. And I think it's going to give us a much better line of sight on the overall portfolio in terms of how we can improve it, which we fully expect to do. I think there's opportunities in NII further capital management. And I think we reconfirmed what we're doing on return of capital to shareholders. So I think we have a lot of very positive momentum and want to confirm guidance. Do you have a follow-up, Alex? Alex Scott: Yes. So as a follow-up, I'd just be interested in some of the areas you're targeting towards organic growth. And maybe in particular, your updated view on price adequacy just given some of the declines in property pricing in E&S and then maybe also on casu”