Arch Capital Group Ltd.

writing so much business during the slumping years of pricing that you were better positioned than others. Brokers and customers like to know that there is a consistent market regardless of pricing available to them and companies that come in and out in a mercenary sort of way tend not to get the business. How can Arch come in and be competitive in these markets compared with the companies that have been willing to write policies at less margin?

As in, hi Josh, as in every market, I think that when there's a sort of a shift in capacity, some incumbents who have been providing continuity of coverage actually take a pause and they look around and say, well, maybe we don't want to do that risk or do that risk at very different terms and conditions. And we are not, we did not move away from all the markets. Actually, we were still very much present. I think that Our growth, or would I say we weren't as involved in the market for the last three or four years, I think you have to look at our trend rate of growth, which was less than what you would have expected the market to grow. So we tend to be below the long-term average. I think right now you see us be above the long-term average. And brokers, like everything else, when they need capacity, they have to look for capacity for good quality outfits. And we actually are growing in areas where we already are present, there's some risk that we did not see before, did not have a chance to quote or participate on, or frankly, we found the price to be inadequate for our liking. And now they're coming back to us and say, well, what about that risk, Mr. Arch? You know, you didn't write it before, and that's what happens. So the relationship is not solely client insured by insured. It has to do, as you know, we're a broker market company. So the relationship is through the broker channels across multiple lines of business. A company that writes over a $3 billion a year premium is not a maverick, or I'm not sure what word you use, but we're not a mercenary company.

I didn't mean to use that word in a pejorative way.