The Importance of Pricing Your Insurance

Supercat bonds open up that field wide open. You've always had the problem of dumb competitors, but you have a much more chance of having dumb competitors when you have hedge funds who bought some of these. So it's very likely to be a competitive factor that brings our volume down a lot. It won't change our prices. The thing to remember is the earthquake does not know the premium that you receive. I mean, the earthquake happens regardless. But we may be in the insurance business in some other ways too as time goes along.