“We will not have that, headwind in in 2026.”

In context

“Thank you. Our next comes from Elyse Greenspan with Wells Fargo. Your line is open. Elyse Greenspan: Hi, thanks. Good morning. My first question is on the expense ratio. Do you guys, you know, thirty one one for for 25. You know, you guys reaffirmed the thirty percent twenty twenty seven target. Should we think of that as the improvement split between the next two years? Or is there anything, I guess, you would highlight with the expense ratio we think about getting you know, from where you guys are to your your target. Peter Zaffino: No. I think, Elyse, I I think I outlined, you know, that really, the expense ratio was a direct correlation to the parent expenses being taken from other operations and putting into the business. And, again, I have to say the business did an exceptional job We will not have that, headwind in in 2026. I think from the expense discipline I think this company deserves a lot of credit for its ability to execute transformations, whether it was 200 or what we did in the underwriting or what we did with American International Group, Inc. next. This is in the DNA of the company. We will get the expenses out. We'll also get leverage from, you know, very strong premium growth. So I I I think that there's I don't wanna revise guidance, but we are not nervous about getting to this in '27, and we expect to see meaningful improvement in in 2026. And and it'll be much more predictable. Elyse Greenspan: Thanks. And then my second question is just on the the capital color. Keith, I think you said a minimum of $1 billion. I just wanna make sure I'm understanding. So that's the the baseline. And then if”