This presenter has been with us many times in the past. It's Albert Benchimol from AXIS. He's President and CEO. Albert joined AXIS in 2011 as CFO. He became CEO a year later. Prior to AXIS, he was a senior executive at PartnerRe, and really since joining AXIS, he's built a very experienced team of people. The pace of change of the company just continues to move along, continues to change. Really to talk about that change, what they've done and really where they're going, I will now turn it over to Albert.
Thank you. Thank you very much, Jane. Good morning, everybody. Here we go. Of course, you all know about the Safe Harbor provisions, so I won't waste your time on that. Let me give you a little bit of a quick background of who we are, what we've done, and more interestingly, of course, talk about where we're going. For those of you who don't know us, AXIS is a hybrid company. We do both insurance and reinsurance, and we focus in the specialty commercial space. We commit to providing a broad range of products and services, outstanding claim service, and unquestioned financial strength. We have an entrepreneurial organization, very much focused on underwriting and on service. Ultimately, our goal is to be a recognized leader in specialty commercial lines across the world, focused on delivering top quintile performance in our peer group.
Let's talk about the history of the company. If you look at what we've done over the last 15 years, we've written $55 billion of premium over that period of time, delivered over $5 billion of underwriting profit, a combined ratio of 90%, which I think speaks very well to our underwriting performance. 29 offices across the world, 1,300 employees, strong ratings, A+ by both S&P and Best. We have about $15 billion in our investment portfolio, which is invested very prudently in high-quality liquid assets with a AA- average quality for our fixed income portfolio. We have about $7 billion of our own capital, and then we also manage approximately $1.1 billion of third-party capital. If you look at our premiums over the last few years, you'll find that in the period of 2013 to 2015, our gross premiums were essentially flat.
The reason for that is that we used the opportunity to reposition our portfolio in a changing market. We did that, of course, because we are focusing very much on enhancing the profitability and the stability of our portfolio. In 2016, being where we want to be, by and large, in terms of the construction of our portfolio, we started to get back to growth. As you'll notice, the net written premium growth is less than the gross written premiums. That's because part of our strategy is in fact to use more reinsurance and to use more third-party capital. As you see us going forward, you should expect us to pursue intelligent, profitable growth. By and large, I expect that the net premium written growth will lag the gross written premium because of our use of capital.
Finally, you can see that 56% of our premiums are insurance. We are, in fact, predominantly in the insurance space with 56% plus of our premiums, but we are also a leading mid-sized reinsurance company. In terms of our track record, we're very proud of our track record. We think of value creation in terms of book value growth adjusted for dividends. At inception to date, that number has been 12.2%, which I think speaks well to the results of the company versus the industry. We very recently released our fourth quarter and full-year 2016 numbers, and I'm very happy to say that they were an improvement over the prior year. In 2016, we did have 10% growth in book value per share adjusted for dividend, which we think is a strong result in light of the fact that we had a continuing competitive environment.
We had significantly larger CATs in the industry, of course, the book value was affected by the significant increase of interest rates in the latter part of the year. Part of our value creation also speaks to the fact that I believe we're very good stewards of capital. If you look back over the several years, we've been very shareholder-friendly in the way we manage our capital. Very actively buying back stock, actively increasing our dividend. Just last year, we increased our dividend by 9%, and we spent $644 million in giving money back to our shareholders in the form of dividends and share repurchases. In fact, over the last five years, we've given back more than 100% of our operating income to our shareholders, and that includes the breakup fee that we've got from the terminated merger with PartnerRe.
Our practice has been and will continue to be, we would love to use the capital in an efficient and profitable way on behalf of our shareholders, if we don't believe that we have the right opportunities to use the capital on your behalf, we will give it back to you, and we've certainly done that for quite some time. We've been able to give back all that capital while we were growing because of what we've been doing to our book of business. We've changed our book of business to be more stable, less capital-intensive, less volatile, and of course, using more third-party capital. When you think of the strategic pathway of our company, we have six clear steps that we are following to create value. The first, starting on the far left of the slide, is obviously that we are a hybrid insurer and reinsurer.
We think that makes a lot of sense. It allows us to see risks from all over the world, allows us to have a broader portfolio of risks and learn and leverage from everything that we're doing in the organization. The second one is to be very customer-centric, getting very close to our customers, understanding what they need, and making sure that we give them what they want. By and large, that speaks to a broad risk appetite, being an expert in terms of the lines of business in which we choose to play, responsive and agile. In the specialty commercial space, in the complex lines, there is no such thing as a product in a box. You really have to understand the risk. You've got to understand what the client wants and give it to them.
Ultimately, what I think is the most critical part of our overall service is claims. At the end of the day, what we sell in this industry is a promise, and one of the things that I'm proudest of is our claims service and the feedback that we get from our customers and our brokers about the quality of our claims service. Another part of our strategy is building very, very deep strategic relationships with our brokers. The last thing that we want to do is to be one of 100 being asked to quote on every piece of business. It's a jumble, lowest price gets it. That's not how to win in this game.
It's really about creating partnerships, working closely with our distributors, making sure that we understand what their book of business is, understanding where in their book of business we can be most helpful, and making sure that we can deliver very, very prompt service, agility, customization of coverages, and again, as I mentioned earlier, claims. Very important here is to make sure that we have shared commitments to each other. This is not what one of my colleagues used to call 51st dates. You get together, you have wine, a great meal. You love each other. You can do a lot of things together, and then nothing happens until the next time you have wine and a great meal and good conversation.
This is really about working with our producers, identifying where the business is coming from, and having mutual responsibility to each other in terms of the business that we will see and the service that we will give. We follow up on that monthly or quarterly to make sure that we're moving forward on our initiatives. The next component of our initiative is broadening our source of risk funding and partnering with strategic third-party capital providers. We recognize that there is a lot of interest from the investment community in the insurance space. It's very simple. You can deny it, you can fight it, or you can work with them to provide a better service and a better product to our customers, and that's what we've chosen to do. We think that expanding our third-party capital capabilities is a win-win for all parties.
It allows us to do more for our customers. We provide a very interesting investment product for the investment community, and we earn fees in the process, which ultimately enhances our risk-adjusted returns. Finally, we're focused on intelligent growth to get the benefits of scale that we need. Let me make it very clear. In the specialty insurance space that we play in, we have more than adequate space. We are a leading participant, and we do not have a concern. Obviously, the more you grow in certain lines, the more you have benefits in terms of leveraging your expenses and so on and so forth. Where it makes sense, we will in fact look to make that growth. Excuse me. Growth will not come everywhere, and growth will not come every year because it really depends on where the opportunities are.
If there's a commitment that I can make, it's to our discipline and our rigor in selecting where we want to grow. Over the last several years, we've done incredibly good work in terms of applying data and analytics to make sure that we identify where we are good, where we can make a difference, and where it makes sense to grow. I'll be happy to share with you a number of specific experiences about where that happens. Ultimately, nothing gets delivered without talent. I do believe that talent is a sustainable competitive advantage. At AXIS, we have done really, really well in both developing our people, promoting from within, and recruiting strong talent from the industry. We want to move forward.
We want to be a leader in specialty risk, it starts first of all with making sure that we lead from our strengths. We are focusing on the global specialty commercial markets. We've got 29 offices across the world. We are servicing our clients both on insurance and reinsurance. As I mentioned to you earlier, it's really all about building a balanced portfolio. We won't chase all the business, and we won't be everything to everyone. We're only focusing on areas where we have strength, and in fact, we are a respected specialty underwriter in the London market, both London market and Lloyd's. We supplement that with key presence in all the key international wholesale markets. We're a top 10 player in the U.S. wholesale E&S market. We are a leading international professional lines insurer, and we are among the best positioned of the mid-sized global reinsurers.
What matters to us is that we build on the areas where we have relevance, scale, profitability, and where we can see a secure avenue for growth. In all of the areas that I've mentioned to you, we in fact do have a strong competitive position. Of course, we want to invest in growth, and we continue to do that. Just in 2016, we expanded the Dubai presence to expand our A&H reinsurance in the Middle East and Africa, and we opened up a Miami office to get closer to our Latin American clients for the insurance business. We also made a very attractive little acquisition later in the year. We acquired a company called Aviabel. Aviabel is a highly respected aviation insurer and reinsurer. They're not large, a little over $50 million in premium. They're a real key player in the market with a strong presence in Europe, or Brussels, and Amsterdam. That really fits into our strategy of making focused investments where we can expand on our franchise. We've been talking a lot about how we improved our portfolio, what we've done to make sure that it was both more profitable and ultimately more consistent. Our four key lines that I wanted to discuss. The first is the fact that we've shifted our portfolio away from large lines, volatile lines, to have a more balanced portfolio with proportionally less of the more volatile lines and more of the generally more stable lines in our portfolio.
They're a real key player in the market with a strong presence in Europe, or Brussels, and Amsterdam. That really fits into our strategy of making focused investments where we can expand on our franchise. We've been talking a lot about how we improved our portfolio, what we've done to make sure that it was both more profitable and ultimately more consistent. Our four key lines that I wanted to discuss. The first is the fact that we've shifted our portfolio away from large lines, volatile lines, to have a more balanced portfolio with proportionally less of the more volatile lines and more of the generally more stable lines in our portfolio.
By definition, when you do that, you end up having a higher combined ratio because the longer tail lines tend to be more stable at a higher ratio, but they are more efficient from a capital perspective, and they can in fact deliver higher ROEs. Just to give you an example, if you were to look at our PMLs, our PMLs have come down consistently over the last five years. In fact, our modeled market share of losses for large events has probably been cut in half over the last five years. Significant work in reducing the volatility of our book of business. The second and biggest driver, I would say, is the application of data and analytics to enhancing our portfolio, changing our target markets, changing our attachment points, deciding where we're going to go.
I want to say that when we talk about data and analytics in the specialty commercial space, we have to recognize that we are years behind the life industry and the personal lines P&C industry. When you look at companies like Progressive, for example, other companies, they've been using data and analytics to drive underwriting, drive marketing, portfolio construction, it's actually been slower in the specialty commercial area. Although we've barely skimmed the surface of the potential of what we can achieve with data and analytics, I actually think that we are very well positioned in the specialty commercial area, and we've been seeing real benefits of our application of data and analytics, both in terms of portfolio construction, profitability, and the productivity of our teams. Finally, with that also comes real cold-eyed, objective, disciplined action.
Through this analysis of our book of business, we recognize that there are, in fact, a number of areas where we don't benefit from those benefits from relevance, profitability, scale, and avenues for growth. We've made a lot of tough decisions over the last few years. In some cases, it meant a radical change in the portfolio construction of certain areas. In some cases, it meant getting out of lines of business. Just as an example, we got out of Australia, we got out of global excess casualty. We've shifted our books around.
I have to say that one of the benefits of our approach, frankly, given that you're hearing a lot in the industry today about people discovering problems here, having problems in other parts of their book, the point is we've been addressing those issues for the last three-plus years in our company, and we actually feel very good about the quality of our book of business today. Finally, more intelligent use of reinsurance and third-party capital to make sure that we optimize our results. I've talked about that last year, and Jay, I want to give you an update of a chart that I gave you last year in terms of volatility. Let me walk you through the geography of these charts. First of all, on the right side is the reinsurance book. On the left side is the insurance book.
What you have in these bar charts is the modeled volatility in the plan that we have for the year. This is a book that we want to build at the beginning of the year. We analyze the profitability and the volatility of that book, and we set the 2010 volatility at 100. You can see that the planned volatility of our books of business over the last several years have come down, and you can see we're down to the area that we like in terms of the volatility. Our actions were not fortuitous. They were not lucky. They were actually planned. The second thing that I want to show you now is the actual volatility of our loss ratios ex CATs on a trailing 12-quarter basis. This is what we actually reported, not what we planned, but what we actually reported.
As you can see, we've been having consistent improvement in the volatility of our book of business, consistent with our planned improvement. Finally, this is including the CATs in the red lines. There again, you can see how we've reduced the volatility of our book of business. An interesting statistic with regard to 2016. You've all read 2016 was the largest CAT loss year since 2012, a number that is reported to be above the 10-year average. I think it's interesting to look at our book of business. Our average CAT loss ratio at AXIS for the last 10 years was 8.6%. I'm told that 2016 had CAT losses that were in excess of the 10-year average. Our CAT loss ratio in 2016 at AXIS was under 6%. We have significantly demonstrated the reduction of the volatility of our book of business.
What we're doing is not just about remediation. It's not about fixing. It's about investing for profitable growth. I want to share with you some of the achievements that we've had in 2016. A lot of great progress in some of our older initiatives, A&H, agriculture, weather, primary casualty, renewable energy, and Cyber. All of these have been invested in in prior years, and we saw great progress and improved profitability in pretty much every one of them. We also launched a number of new products, including Mortgage Reinsurance, flood reinsurance, U.S. regional business, the Middle East health reinsurance business, the acquisition of Aviabel, and as I mentioned to you, the opening of the Miami office. We continue to invest every year in new avenues for profitable growth.
We're also investing in the platform, and that includes being more efficient, making better use of our underwriters, and lowering costs where we can. We committed to cut $50 million of expenses through 2017, and in fact, we're doing it. Obviously, that is offsetting the growth rate of other expenses of investments that we're making. One of the big investments that we're making in this company is in IT and analytics, as I mentioned. We are now in the third year of our Future Insurance Platform, a single IT platform, five-year, $50 million project to really bring under one platform all of the various systems that we have in our insurance across the world. That's going to allow us to better leverage data, move much more quickly, more efficiently to deliver products to the market, and to make more information available to our underwriters.
All of these things, I am confident, are going to drive future growth and future profitability. We talked about third-party capital, which is an important part of our positioning. We aim to be the company that best matches risk to the most appropriate capital. This year, we started the year 2017 with, as I said, almost $1.1 billion of third-party capital in our portfolio. 2016 was a great year for us. We founded Harrington Re. We were, in fact, the only company to be able to raise an independent captive specialty reinsurer to work with us. Harrington Re has $600 million of capital. It was a joint venture that we co-started with Blackstone. We're very, very proud in our ability to create this company, and we will be sharing some of our risk with Harrington going forward.
We today have 13% of our overall capital, of our $8 billion of capital. 13% is third-party capital. You can see in the next chart that we've significantly increased the amount of premiums that we cede to our strategic capital partners. Over $300 million last year. It will grow again in 2017. Of course, very important is the fact that these partnerships, not only are they allowing us to do more for our customers in terms of capacity, in terms of new creative approaches to solve risk problems, but it's also a great opportunity for us to generate risk-free steady fee income. You can see how in 2016, our fee income from strategic partnerships increased to $22 million. Here again, we expect to see growth in 2017 and beyond. There's a lot of talk today about reserve adequacy and consistency of profitability going forward.
I want to tell you about our approach at AXIS in terms of setting reserves, because I think it is a unique approach. It's a very prudent approach to make sure that reserves, just like the rest of our book, allow us to have a consistent, stable earning stream going forward. The stages of our reserving really are meant to be prepared to absorb a wide range of emerging risks. Why do we do that, or how do we do that? First of all, we always set our pricing reserves on the assumption of longer-term trends. The first thing we assume is all the good news stopped yesterday, and from now on, it's always going to go back to the old negative trend. Our pricing and reserving already assumes long-term trends, not fully reflecting the recent favorable trends that we've seen.
The second thing that we do is we explicitly account for a wide range of potential risks, most of which will not happen. Just to be safe, we account for that in our reserves. Things like unexpected frequency, unexpected severity, unexpected inflation, already reflected in our reserves. We recognize the bad news early, and we're slow, but we do take the good news in time. In fact, if anybody looks at our triangles, you will find that occasionally a year will deteriorate in the second or third year. We'll take a loss ratio, we might add a point or whatever to it, and then two, three, four years later, you'll see the loss ratios coming down, in fact, below the initial loss ratio.
I think that is the perfect demonstration of taking the bad news early, not offsetting it with potential good news, but waiting when the good news comes in. We have a wonderful culture where our pricing actuaries, reserving actuaries, claims people, underwriters work very closely, and they share facts, they look at trends, they look at new cases, and that gives us the ability to identify emerging claims early. That allows us to reserve for them early, but it also allows us to change and respond in our portfolio accordingly as we move forward. The net result of all of that is that in every single year of this company, we have reported the bulk of our underwriting profits, not in current year income, but in prior year reserve releases.
I'm happy to say that the indications of the most recent years continue to be quite positive, although traditionally for us, we haven't recognized all of that. The reason I'm sharing all of that with you is because we feel incredibly confident in the quality of our reserves going forward, and we will continue to sustain that as far as we're concerned, reserves releases are actually the highest quality earnings because you know for sure that they are profit and you're never going to give them back. So we continue to believe that that speaks to the quality of our earnings. Finally, just to conclude, we think we're on a great journey. We start off with a very strong market position, a very strong balance sheet. We're playing to our strengths, increasing our relevance in key markets.
We're expanding our franchise, investing in the future, and delivering and continuing to deliver better, more consistent profits going forward. Thank you for your attention. Jay, at this point, I'd be very happy to participate in the question and answer period. Jay? Okay.
Can I follow up on a point you made about how specialty insurers have been a bit slower than some others in terms of investing in data analytics? Could you please give us some specific examples of data you're using now that you hadn't looked at in the past, what you're investing to be able to do in the future that you're not doing now, and also where you think you stand competitively versus your peers in data analytics?
There are a number of areas, I would say the first thing is in the quality of the data that you have. A lot of large organizations, established organizations, have built their businesses with individual businesses, acquired businesses, and what they have are disparate legacy systems with data, tons of data, but they actually can't access it. Now, one of the benefits that we have as a young company is we've got 15 years of data. It's relatively young. It's well organized. We're still doing more work on it. I think the first thing is accessing the data that you have. The second issue is investing in the actuarial analytic capabilities. Third is creating an environment where you've got a multifunctional group that includes actuaries Claims people and underwriters working together to discuss portfolio planning and otherwise. All of those things don't generally happen in the insurance industry.
I think that we're early in the realm. Ultimately, what you do beyond that is make sure that you hold your underwriters accountable to their results against the potential of what their portfolio can achieve. The analysis really allows us to say, "This is what you can do with your portfolio. We know which parts of your portfolio are more profitable and less. Why are we growing this way?" You're holding people accountable, not based on stories, but based on data. When the culture changes to that, you start to have real demand by the underwriting community for more data to help them make better decisions. That's one area. The other area is that historically, the specialty commercial area has been an industry really of artisans. Every policy has to be looked at. The underwriters want to look at it, all of that stuff.
Now we have more data available to us and there are steps of the underwriting process that we can better leverage either with more junior people or systems. Give you one. My most precious asset is our underwriters. How do we make sure that they spend their time doing the right things? One of the things that we're doing now in our smaller accounts is we're rank ordering submissions before our underwriters get to them. We've now done a lot of analysis, what kind of submissions in terms of business source and so on are more likely to generate a winning bid. They're sorted by categories of favorability. When the underwriter comes in the morning, they're not taking whatever came in at the top of the pile. They're looking at the pile that is most likely to deliver a winnable bid.
We're doing the same thing on renewals. We're looking at renewals, and we're saying which of these policies are more likely to benefit from an expedited renewal as opposed to a full submission. Instead of sending a cancellation letter, we send a renewal letter. That just changes the relationship between you and the broker who's obviously really happy to have a renewal without doing too much work, and a client who really wants to get this thing done easy. There's the application of data in the underwriting, portfolio construction, and processing, all of which can improve both efficiency and underwriting results.
I have a couple questions. You mentioned several areas you've invested in. If you were to identify what's most likely to impact the revenues in the next two years, what are the two or three new ventures that will do it?
You're asking me which of my children I like best.
Which one will grow fastest?
I will say that by definition, we are investing in areas where we think there is a runway. There is already a threshold that each of these areas has to pass. Let me give you a couple of examples. There's a huge amount of mortgage insurance demand by the GSEs. What I like about that, it's not risk arbitrage, it's the fact that they have a regulatory need to reduce their risk. There's real opportunity to grow and share in that. I'm very pleased to see that a lot of governments across the world finally recognize that the right place for risk is the insurance industry and not the taxpayers' pocket. We're seeing a number of government programs, government pools, shifting the risk to the insurance and the reinsurance industry. You've seen the NFIP make a very large purchase this year.
You've seen a lot of programs scaling back and buying. I think there's actually a lot of opportunity in that area. For us, I like what we're doing in terms of expanding geographically. I think that opening up Dubai for us was incredible. We were able to get $100 million of new health reinsurance business in the Middle East just because it made sense to go there. Miami, I think, is going to deliver some very strong opportunities for us. We're only now in our third year of Lloyd's, and we've seen significant amount of business that we had never seen before because of the fact that we are now with Lloyd's. A number of opportunities there. I feel very good about that.
The other question I had was on taxes. As you think about potential changes in the tax code, one, how do you feel it could affect AXIS? Secondly, are there things you can do structurally to offset certain things that may come down the road, like a Neal type bill that may emerge?
Sure. The first thing that we need to say is that it's still too early, right? There are a lot of ideas being sprung, and we don't know what will happen. I think what matters is to make sure that we're well-positioned to react. One of our strengths is the fact that we have very strong regulatory flexibility. We already have insurance and reinsurance companies in the U.S. We have insurance and reinsurance companies in Europe and in London and at Lloyd's. When we hear things like Brexit or when we hear things about potential changes to the taxes, we already have the balance sheets located in the markets that matter. Once we discover what the new rules are in terms of taxes or preferences or whatever, we will then simply determine which of the balance sheets will be favored for one type of business versus another.
I feel very confident that whatever the ultimate developments are, we already have a very strong platform and embedded flexibility to allow us to react quickly. Joe, anything to add to that?
A question in the back there.
Thank you. I have not heard anybody talk about insurance as a product thinking about border adjustment, and I wonder if there is anything you might say about whether you consider reinsurance purchased by a primary insurance in the U.S. from you as an import. Where would we go with this?
That we're in the realm of a lot of new things in the world right now. I would say that most of what we've seen in terms of borders and customs and financial arrangements, VAT systems, in almost all of the ones that we've seen in the world today, financial services are actually excluded. Banking, cash transfers, insurance. Our view is even if you want to have some sort of system that protects manufacturing and so on, that hopefully the pattern that we've seen everywhere else in the world will continue to apply, in the United States. As I said, it's still early, but we think there are some very strong arguments in that favor. Ultimately, my view is, if we have customers in the U.S. and they want to buy insurance or reinsurance from our U.S. company, we will do that.
We're not going to make it difficult for our customers to buy insurance or reinsurance from us. Our operations in the U.S. primarily do business through our U.S. entities. I don't see our U.S. entities being in any way disadvantaged because they're in the U.S., regulated in the U.S., pay taxes in the U.S. I don't see any problem with us selling insurance and reinsurance products in the U.S. What happens overseas, frankly, if there may be some reinsurance that we sell from Bermuda to the U.S. that may be affected, and we'll simply have to re-domicile that. All of the business that we do everywhere else in the world will be unaffected by it.
Given that you have a fairly global view, what kinds of insurance globally look least attractive to you in terms of pricing or risk right now?
Standard lines generally are the most because everybody feels they can be in it, is really the big issue. I will say that's the number one. Number two, is the fact that you have two of the largest markets in the world, and probably the potential in the world, India and China, where everybody is really excited. I challenge people to show me how they make money in those markets right now. They're incredibly competitive. We've got very astute customers in both of these markets. People just want to be there. They want to be able to show that they've got great premiums in China and India. I just don't see a lot of profitability there right now. Now, I'm very lucky because we're in the specialty commercial space. We don't have to be there on day one planting a brand and so on and so forth.
These other companies have challenges that we don't have. In the specialty commercial space, we can be there just in time. We're serving those markets both locally and through international hubs, it would make sense for us to get closer to those markets. We'll be there.
Yeah.
Can you give us a rough idea about the initiatives, both on a expense standpoint and from a underwriting, developing new business standpoint that you've developed the last year or two that should benefit this year and the following year?
Absolutely. I think in terms of expenses, as we said earlier, we have in fact completed our $50 million of identified cost saves. It's there. The $50 million, five-year program that I told you on the computer systems that will significantly improve our efficiency and productivity going forward is already in our expenses because this is our third year of that. We're going to see that, we're going to move forward on that. As we continue to expand our analytics to make our underwriters and our processes more efficient, we should see more improvement on that. In terms of the growth opportunities, as I mentioned to you, there were a number that have been in place for quite some time. Our Accident and Health is now very close to $500 million of business. We delivered underwriting profit last year. It's expanding internationally.
We feel very good about what we have there. We feel really good about our renewable energy. We're actually one of the leaders of the renewable energy space. We started the century as a leader in the fossil fuel energy space, but we're now one of the leaders in renewable energy, and we think there's a huge opportunity for growth in that area. Cyber obviously is something that we are participating. It's growing. We're being careful with it. That's another area for growth. To me, it's really about taking what we're doing and building on our existing strengths. I still think there is a huge wave of opportunity for us to grow in what we're doing in terms of the E&S and wholesale P&C markets, in terms of professional lines across the globe, and in terms of growing our London franchise.
We will continue to do that.
Okay. Why don't we wrap it up here. Just to let you know there are boxed lunches available. It'll be a working lunch, so grab your lunch and head back and join me in thanking Albert. Thank you, Albert.
Thank you.