Here's the summary of our business, our mission is to produce superior financial returns for our shareholders. The higher risk, that’s our – where we’re laser focused. Superior returns come from being a leader, not a follower hence our vision statement to be a leader in the businesses in which we operate. We think that the leader in the businesses in which we’re involved is the best underwriter, hence the identity that we have adopted.

We avoid businesses where being the best underwriter isn’t likely to produce the best returns necessarily and we think this is a critical difference in our business model. Our strategy to be the best underwriter is to operate the company through a single system to match risk and capital. In the slide that follow, I’ll touch on each of these in a little bit more detail.

So on the surface our business model is simple, we match desirable risk with efficient capital. We take risks in multiple forms and deploy capital in multiple forms. Ultimately if we match desirable risk in the most efficient capital, we'll have a single portfolio that over time will outperform the market. It’s important to note that we operate the company as a single risk taking book. We are not a collection of traders each with their own profit and loss statements.

Over 19 years we’ve invested in building a system that accurately accesses and measures risk and accesses, engages the most efficient forms of capital and to match them effectively. Some parts of the system we believe have been imitated over the years on both the capital and the risk management side. But we believe our business model remains distinctive and indeed business models that have integrated systems are the most durable form of competitive advantage.

So on the next slide I want to expand a little bit more on that green box in the middle there between most efficient capital and accessing the most desirable risk which is focused on our risk-taking capabilities and our culture at the company.

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