“If you look at Financial Lines, I think their loss ratios for their book run a little higher than ours, but the expense ratio with the conversion of the portfolio will run lower. So I would think on the Financial Lines, the overall combined ratio will be at ours.”

In context

“ave to take it in pieces. And so the International portfolio has performed very well. I mean when we look at the combined ratios of their International business, it's similar to ours and would expect the conversion for the combined ratios to be at ours and maybe even a little bit better over time because of the scale that can help the expense side. When you look at the U.S., I'll give you just in the spirit of time, the three pieces. First is Property. Property portfolio runs very well. Attritional loss ratios are similar to ours. We may put a little bit more cat load on their portfolio, but AIG's cat load for our funded AAL will not go up. We've been doing an exceptional job on our gross book as well as reinsurance. And so that will be at our combined ratios, which have been exceptional. If you look at Financial Lines, I think their loss ratios for their book run a little higher than ours, but the expense ratio with the conversion of the portfolio will run lower. So I would think on the Financial Lines, the overall combined ratio will be at ours. So there'll be very similar conversion in terms of overall economics on a combined ratio basis. And then the one that gets all the attention is the Casualty. So the Casualty, when Everest reports out, they're doing it on their back book, the earned book, not necessarily on a written basis. And so I think it's really important to take a look at that as to how it's run. I put in my prepared remarks because it was their own comments in terms of the further reserve strengthening required was from a part of a portfolio, 80% that doesn't exist anymore. And then the other piece, and I'll get to the reinsurance in a second, is that I think it's my view that we have the best casualty underwriters in the marketplace led by Barbara Luck. We've done this before. We've looked at a portfolio and said,”