Good day, everyone, and welcome to Conduit's 2026 Interim Results Conference Call. Thank you for joining us. On the call are Neil Eckert, Chief Executive Officer; Elaine Whelan, Chief Financial Officer; and Stephen Postlewhite, Chief Underwriting Officer. Please note our disclaimer language on slide two. I will now turn the call over to our Chief Executive Officer, Neil Eckert. Thanks, Brett, and welcome, everyone. Today's presentation will cover our business performance for the first half of 2026, as well as an update on market conditions and the outlook. Steve will cover performance in each of our segments, and Elaine will provide some additional detail on our financial and investment highlights for the period before closing remarks and time for questions. I am pleased to report a solid first half performance for 2026. We generated comprehensive income of $80.3 million and a return on equity of 7.8%, while growing tangible net assets per share by 8.4% during the first half and 23.2% over the past year. These are strong levels of shareholder value creation and a meaningful improvement compared to our performance in the prior year. As market conditions have become more competitive, we have remained disciplined in our deployment of capital. We continue to grow in areas where we believe pricing remains attractive, particularly casualty, whilst reducing exposures in parts of property and specialty where rates no longer meet our return hurdles. This included a reduction in certain quota share treaties as we continue to rebalance our portfolio. Gross premiums written were $789 million, down 1.8% from the prior year, reflecting this deliberate portfolio management. Underwriting performance benefited from a much more benign catastrophe environment compared with the first half of 2025. Our undiscounted combined ratio improved to 92.6%, compared with 122.1% in the prior year period. On investments, our managed portfolio grew approximately $375 million over the last 12 months to $2.3 billion. Our growing asset base continues to support higher net investment income, which increased more than 20% year-on-year. Investment income of $46.7 million during the first half contributed meaningfully to our earnings and is expected to continue to support our overall earnings going forward. Our investment results in the first half was impacted by rising treasury yields, which resulted in unrealized mark-to-market losses and a lower overall investment return of 0.9%. We also remained active in returning capital to shareholders. During the first half of the year, we repurchased 6.8 million shares for $38.9 million, while also returning $28.7 million through dividends. These actions, combined with solid earnings generation, contributed to tangible net assets per share increasing to £5.70 as of June 30th. Lastly, we have continued to attract talent to the organization and strengthen our personnel with new hires across several key functions. We have recently hired an experienced Chief Operating Officer, who will be starting shortly, and have several senior additions to our property team that will join the company later this year. Turning to our underwriting performance, our focus throughout the first half has been to protect margins, manage volatility, and position the portfolio for the next phase of the cycle. Overall, gross premiums written were down 2% year-over-year. This reflects continued growth in casualty, where rates have remained stable, offset by reductions in property and specialty as we responded to softer pricing conditions. Across the portfolio, risk-adjusted rates declined approximately 6% during the first half. While pricing remains broadly adequate, we have continued to see increasing competition as the year has progressed, particularly in property and certain specialty classes. Terms and conditions have also begun to ease modestly in selected areas. Despite those pressures, underwriting performance improved significantly from the prior year. The undiscounted combined ratio was 92.6%, benefiting from a relatively benign catastrophe environment. Results were impacted by some modest exposure to events arising from the Middle East conflict and other risk losses. Those losses remain below our reporting threshold individually and in the aggregate. Importantly, we have also increased retrocessional protection during 2026. Whilst that has increased ceded costs, it supports our objective of stabilizing underwriting results and protecting our capital through the softening phase of the cycle. With that, I will hand over to Steve, who will present on performance and market conditions in our three segments. Thanks, Neil, and good morning, everyone. Through the midyear renewals, the team worked hard to secure our positions on renewals and select new business that aligns to our portfolio objectives as we seek to gradually shift towards excess of loss business in property and specialty segments, protect our margins as pricing softens, and manage underwriting volatility. We are comfortable with the portfolio reducing modestly in this environment as some business will not meet our technical pricing requirements. Turning to the property segment, gross premiums written declined 9% to GBP 454.8 million. This reduction was anticipated and reflects our continued strategy of reducing quota share participations with more marginal profitability characteristics while selectively increasing excess of loss business where we believe the risk return profile is more attractive. We have also been successful in securing international opportunities which add diversification to our portfolio. We remain committed to progressing the portfolio towards a greater proportion of excess of loss business, which should improve portfolio margin and provide a more balanced risk profile over time. Property risk adjusted pricing declined by approximately 10% during the first half, with some acceleration observed during the year as we expected. Industry capital continues to grow, supported by strong returns over recent years and increased participations from both traditional and alternative capital providers. Property cat excess of loss rates were generally off 15%-20% at midyear, with some variation around that range. The quota share treaties saw continued upward pressure on ceding commissions. Despite the softer market backdrop, underwriting performance improved materially year-over-year. The property undiscounted combined ratio improved to 72.8% from 130.5% in the prior period, reflecting the absence of major catastrophe losses such as the California wildfires that affected results in 2025. Turning to casualty. In our view, casualty continues to represent an attractive segment of the market, although some classes demonstrate firmer prices than others. We've continued to focus on areas of the casualty market with more sustainable pricing momentum. During the first half, gross premiums written increased 21% year-over-year to $217 million, consistent with the growth rate we achieved during 2025. Growth was driven through expanding our relationships with preferred clients that continue to demonstrate disciplined cycle management behavior in their underwriting approach. These broader client relationships have added diversification in classes and geographies to our casualty portfolio. We have also selectively trimmed or non-renewed areas of the portfolio where loss experience or the underwriting approach didn't align with our objectives. Pricing remains relatively stable, with risk adjusted rates down approximately 1% during the first half, demonstrating the relative resilience of the casualty market. Market conditions vary across classes and territories. Overall remain broadly consistent with our expectations and we continue to find attractive opportunities to deploy capital. The general third party liability class continues to see the strongest original rate increases and has driven much of our growth in casualty. Underwriting performance remains stable, with an undiscounted combined ratio of 102.9%, broadly consistent with the prior year period. We remain aware of industry loss trends and carefully consider frequency and severity dynamics in our pricing approach. Our reserving philosophy remains consistent and the portfolio continues to perform in line with expectations. Turning to specialty. Competition continues to increase and we have scaled back the portfolio slightly during the first half, with premiums reducing 5% compared to prior year to $117.2 million. We have reduced participations in classes where competitive pressures increased or pricing no longer met our expectations. While overall market conditions have softened, the specialty segment remains highly diverse. We continue to find opportunities in selected areas where pricing is improving, including aviation, political violence and terrorism classes. In aviation, we saw strong submission activity and have successfully written several new attractively priced excess of loss and quota share accounts at midyear. Risk adjusted rates were down 7% during the first half. Attractive diversification characteristics continue to draw capital from new and existing markets into many specialty classes. Recent loss activity has helped stabilize pricing in certain classes. We expect the market will remain competitive. The undiscounted combined ratio during the first half was 104.8%. This result includes the impact of losses associated with the conflict in the Middle East. Overall, our approach remains highly selective. We will continue to prioritize margin over volume and focus our participation on opportunities where expected returns remain attractive. We also remain ready to capitalize on any class specific shifts in pricing as we are actioning in aviation currently. One of the most important strategic actions we have taken over the last year has been to strengthen our retrocession program. As market conditions become more competitive, reducing volatility and protecting capital become an increasingly important part of our underwriting strategy. During 2026, we expanded our retrocession coverage across both peak and secondary peril exposures. This included increased limit and lower retention within our core program. We also maintain cover for second and third event scenarios. The benefit of these actions can clearly be seen in the reduction of our modeled net PMLs, both at the one in 100 and one in 250 year return periods. Net exposures are lower than they were at the beginning of 2025 and 2026, with further improvement achieved at the 1st of July 2026. While this enhanced program increases retrocession costs, we believe it provides valuable earning stability and balance sheet protection as we move into the peak Atlantic wind season. I will now hand over to Elaine to go through our financial and investment highlights. Thanks, Steve. Gross premiums written of $789 million are down 1.8% on the prior year. We mentioned front-loading our book a little last quarter as we expected the market outlook to worsen, that has certainly been the case, particularly in property. We non-renewed a few quota share deals this quarter that no longer hit our hurdle rates. We've also taken a more conservative view on our premium estimates given our market outlook, that's also part of the reason for the small reduction year-on-year. While we are still seeing adequately priced business, as the bulk of our book is written in the first six or seven months of the year, we would now expect our gross premiums written for 2026 to be a little behind 2025 levels. We have reinsurance revenue of $455.9 million, versus $433.3 million at the prior half year, a 5.2% increase year-on-year. While business mix has an impact on reinsurance revenue, with excess of loss, writing and earning faster than quota share, we continue to see some benefit of prior underwriting years earning into this year. Ceded reinsurance expenses, which are essentially our ceded premiums earned, excluding reinstatement premiums, were $73.3 million for the first six months of 2026, compared with $53.4 million for the prior year. Our outwards cover has increased year-on-year due to additional cover purchased with the aim of reducing volatility. On losses, while the first six months of 2026 were relatively light from an event perspective, the Middle East conflict had an impact for the industry, along with various severe convective storms and other smaller natural catastrophes. We haven't recorded any particularly material losses, did put some reserves up for the Middle East conflict in our specialty division. 2025, of course, had the California wildfires our undiscounted net loss, net of reinsurance and reinstatement premiums at June 30 last year was $118.3 million, with that number holding relatively steady through this half year. The California wildfires contributed 31.6% to our undiscounted net loss ratio last year. A reminder that our reinsurance service expenses includes both loss and loss related amounts, but also reinsurers operating expenses and an allocation of some other operating expenses. In our interim financial statement segment disclosure, we've provided a breakout of that number into the loss and expense components so that you can see those separately and also to help with calculating our net loss ratio. Our undiscounted net loss ratio for the half year was 80.7%, versus 109.6% for the prior period. Our discounted loss ratio was 68.5% for the half year this year and 95.8% for the half year last year. Our combined ratio for the half year was 92.6% on an undiscounted basis and 80.4% on a discounted basis, compared to 122.1% and 108.3% respectively for the prior year. Our comprehensive income for the half year was $80.3 million, compared to a comprehensive loss of $13.5 million for the prior period. Lastly on this page, on ROE, we have adopted an amended measure which is the internal rate of return of the change in fully diluted book value per share. This measure of ROE versus the previous measure of return on opening equity is a more sophisticated, holistic and comprehensive measure of return, which captures all aspects of performance and capital management actions. Under this method, our ROE for the half year is 7.8%, versus a negative 1.4% for the prior period. ROE has also been presented on the prior basis for comparison and we also have some more detail on comparatives in the appendices. On the investment side, yields have increased this year, although spread narrowing has offset that to a degree. The portfolio is generating a good level of income though, maintaining a current book yield around 4.2%. Overall, for the half year, we returned 0.9% versus 3.9% in the prior year where we saw yields move the other way. We remain relatively short duration and our focus is on maintaining a high quality, highly liquid portfolio. Duration is currently 2.7 years, which is in line with our net reserves. Average credit quality is AA and you can see the usual pie chart here with our asset allocation and other than cash equivalents and short-term investments reducing a bit, which is largely timing, no real changes from prior quarters in that or our strategy. On this slide you can see that as the business continues to grow and we remain highly cash generative, our invested assets also continue to grow. As our portfolio has become higher yielding over time, we produce more income and as our investment leverage increases over time, that contributes more to our ROE. I'll now hand back to Neil for closing comments. Thanks, Elaine. Let me conclude with a few observations. We've delivered a strong first half result producing $80.3 million of comprehensive income and a 7.8% return on equity while continuing to grow our tangible book value per share. Our underwriting strategy is evolving as we carefully manage the pricing cycle. We are growing where returns remain attractive and scaling back where pricing no longer meets our standards. We have continued to strengthen the resilience of the business through an enhanced retrocession program with broad coverage for all perils. We continue to effectively manage our capital to increase shareholder value. During the first half, we returned approximately $68 million to shareholders through dividends and accretive share repurchases. Looking ahead, we expect competition and price softening to persist across many lines of business. In this environment, our ability to be nimble and focus on capital discipline and margin rather than market share will become increasingly important. We believe Conduit is positioned to navigate these conditions. The last 12 months has been continuous enhancement in terms of people and process, reaffirmed ratings and results that have been at or in excess of market consensus. This is an ongoing process and our focus remains on generating attractive risk-adjusted returns, preserving balance sheet strength, and creating long-term shareholder value. Thank you, we can now open the call for questions. Thank you. Ladies and gentlemen, if you are dialed into the call and would like to ask a question, please press star, followed by one on your telephone keypad. Once again, if you are dialed into the call and would like to ask a question, please press star followed by one on your telephone keypad. Our first question comes from the line of Ben Cohen with RBC Capital Markets. Please go ahead. Hi. Thanks very much for taking my question. Morning, everyone. My first question was really just in terms of how we should think about the combined ratio going forward. Firstly, on the reported undiscounted combined ratio, I don't know if you could say anything, what you see as maybe good luck is the wrong phrase, but sort of better weather than normal or lower net cut losses. From that start of 92.6, given the rate declines that we see in your book, is it reasonable to take those rate declines and see those increasing the combined ratio as we look forward to the second half of the year and maybe specifically into 2027? Hi, Ben. We're not giving any specific combined ratio guidance on there. It's obviously been a relatively benign first half. We have had a few bits and pieces coming through in the first half, though, in terms of the Middle East losses that we have in there, nothing particularly material. We do have more casualty business, so that impacts the combined ratio. A different business mix than we've had in the past. We're not giving any specific guidance on that. On the rate decline, we are looking at that and factoring that into how we price, how we reserve. We're hoping that we've captured all that as well. Could I ask a follow-up question just in terms of the strong net income contribution that there was from sort of [audio distortion], I think, in the first half? I just wonder if you could make a comment as to how you'd see the growth in available capital on a sort of maybe on a BSCR basis in the first half and what that might mean for the capital return in the second half of the year. Thanks. Yeah, I think the guidance that we've given before is in the 200%-300% range, we're very comfortably in that. Sorry to tell you we're not giving any solid guidance on that one either. We have got a strong capital position going into wind season, we'll wait and see what happens over the wind season, then we'll make some decisions on that towards the end of this year. That's really a November board conversation. Thank you very much. Our next question comes from the line of Abid Hussain with Panmure Liberum. Please go ahead. Hello. Hi, everyone. Thanks for taking my question. I've got three questions, I think. The first one was on the pivot to excess of loss lines. Just wondering how much further you're going to go on that pivot towards excess of loss. I appreciate that there's been a material move in the first half and I think around [audio distortion]. The second question is on casualty book. Just wondering how much further growth can you achieve here if pricing remains steady. If pricing does remain steady, would you look to continue to grow across the casualty books? The final question is on growth versus capital distribution. Should we be expecting the balance between growth and distribution to shift from this year onwards, i.e. more of an emphasis on distributions from this year, perhaps next year onwards? Just any sort of color or guidance around that, please. Thank you. On the first question around the shift towards excess of loss, what I would say is there is still room to move on that. We are targeting a kind of 50/50 split on property over time. That is going to be something we move towards over the next 12 to 18 months. I expect that to continue. Most likely also in specialty to some extent, but to a lesser extent. I think your second question was around growth within casualty. We very much target a specific set of preferred partners in casualty. What we're looking to do with those preferred partners is we're looking to deepen our relationship, deepen our participation, so we could potentially see some continued growth with those preferred partners. We're trying to shift away from things that are more opportunistic. I can't tell you how that balance will play through, and we don't give guidance on growth, obviously, but I would imagine, and we certainly have been successful during the course of the first half in shifting towards our preferred partners. Those preferred partners, by the way, are those that we believe are underwriting with the most discipline, and in the way that we would want to see them underwriting through the softening market. Although, in some areas, casualty actually is keeping certainly pace with our view of inflation and possibly even improving in terms of rate. We expect that trend probably to start reversing as we get into next year. Just on the capital conversation thing. Everything that Steve just said about growth is all valid comments, but there are still areas where we would see opportunities and where we may trim some of the renewing book. There are still other areas that we can go into and find business that meets our hurdles. I'd point you to the slide that we've got in our deck on how we think about capital. It is really an exercise in terms of what we want to underwrite, and then we match the capital to that, and then anything that's left over, and once you put headroom on top of that, is what we designate for capital returns. Again, from my last comments for Ben, that's really a October, November kind of consideration once we get through in season and see if there's been anything interesting that's happened this year and then what we want to do with our capital for next year. Super. Thank you. Our next question comes from the line of Michael Huttner with Berenberg. Please go ahead. Fantastic. Thank you so much. I had lots of little niggly questions. The one that you mentioned softening terms and conditions. I just wondered whether you can give us a little bit more color on that. On solvency, I wasn't quite sure. Could you explain why there's no number? I think in the past you have provided numbers at the half year stage. I'm not 100% sure. The fact that there's none it always raises questions. People kind of think, "Well, is something wrong?" You've increased your PML. My guess exposures, I guess, I don't know, to Asia. With El Niño, obviously there's been a few more events than floods in China and stuff. Is there anything in there worth mentioning already, which I guess would affect Q3? Then two last ones. I'm curious, you mentioned the enhanced retro quite a few times. I just wonder if you can give us a little bit more color on that. I'll leave it there. Thank you. Thank you, Michael. The first question I think was softening Ts and Cs. We are seeing an erosion in certain places on conditions, expansions of coverage, and we have seen sort of modest erosion in Ts and Cs. There's no point in calling it anything other than that. Overall, the book was price adequate, and we've delivered the results we have. You mentioned PMLs in Asia. There's nothing material to report from a loss perspective there. We do, over time, want to diversify the property book, and the increase in Asia is partially a function of our increase in international excess of loss. I regard that as a positive, really. Michael, can you remind me the other question where you said there was no number? It's the solvency one. I'm happy to take that. That's a year-end disclosure for us, Michael. We don't typically put anything out at the half year. I think we're comfortable with where we were at the half year, and we've been profitable through the first half. There's a number of things that impact the calculation, but no significant changes in terms of where we were. It is a year-end disclosure for us. Yeah. Yeah. Enhanced retro. We have reduced our PMLs, as stated, for peak risk. We have bought significantly more cover. We have coverage for both peak and secondary perils all the way through the whole program. On secondaries, we attach much lower than we do on peak. We don't disclose excess points and limits actually purchased for sort of commercially sensitive reasons. We have significantly reduced our whole account retention for events. I would say our capital is better protected, and we also have significantly reduced volatility in the account on a net basis. Brilliant. Thank you. Once again, if you would like to ask a question, please press star followed by the number one on your telephone keypad. Our next question comes from the line of Joseph Theuns with Autonomous. Please go ahead. Good morning, everyone. Thank you for taking my questions. First question is on the expense ratio, which I noticed increased versus previous years, particularly in the property segment. Is this a one-off due to some sort of idiosyncratic reason in this period, or should we expect this to continue? My second question is on the performance of the property book. I was a little surprised, perhaps, to see the loss ratio higher than in previous years, despite the shift to more excess of loss. Is this the impact of softening coming through, or was it sort of a higher level of attritional losses that maybe I wasn't factoring in? Thank you for taking my questions again. I'll take the first one on the expense ratio. I think it's probably a bit more of a geography conversation. In previous years, with a higher quota share book, you get more of the ceding commissions offsetting revenue. Whereas with the move to excess of loss, there's more brokerage coming through, so it comes through in a different line item. It's really driven by the business mix. This is- On the Sorry, was there a follow-up? No. Okay. On the loss ratio, there's not really anything specific driving that. I would say if anything, it's maybe just a little bit more of a cautious view on how we're reserving. I wouldn't read too much into that. Okay. Thank you for taking my questions. It seems that we have a follow-up from Michael Huttner with Berenberg. Please go ahead. Fantastic. Thank you so much for this. I've got quite a few more. Specialty, you mentioned growth in aviation, and I suspect, but I don't know if you said that, also the lines where pricing is harder, that's political violence and there's something else. Is it terror or something? I was curious about the inflation assumption you're baking into casualty. I suppose that's really to understand how much more cautious on reserving you are or whatever. I think you mentioned at the full year that your confidence level interval or level for reserving is towards the upper end of your target range. Which I think is 75%-85%. I just wondered if you could provide an update. The last question is, I've got lots more, but this is the last for now, you get this kind of tax benefit in Bermuda, which I think was $8 million in H1. Is this kind of a linear thing? Do we get $8 million every half year? That's it. Thank you. Yes, Steve, why don't you have that? I'll take the first question, Michael. Yeah, we are constantly on the hunt for margin, and aviation is one of the areas that we see as being stronger in terms of where it sits in its pricing cycle. Similarly, I guess political risk and terror, post events in the Middle East and other events actually over the last couple of years, is in a slightly stronger place than many lines of business. This is something that we are able to do because we are small and nimble and able to flex and pivot when we see these kind of opportunities. I would expect that to continue. We're constantly surveying the environment, I guess, to look for those opportunities. Yeah. On inflation, Michael, we have different inflation rates applied to different classes, and property will be much closer to conventional inflation. On the casualty lines, we load in a factor to take into account social inflation. We don't disclose our inflation assumptions, but on casualty, it's considerably higher than on property. I think I'll leave it at that. On the reserve issue, we did disclose, I'm looking at Brett here, but we did disclose at the finals. The range we like to be in is between the 75th and the 85th percentile. At the finals, we were at the 84th. 83, sorry. We are at the conservative end of the range that we like to report, and obviously, we haven't disclosed at the half year, but you can see from the results and the growth in reserves, there won't be much change. Michael, just on the tax benefit, it's not linear. It's weighted heavily to the first half of the year. We do expect to get a benefit in the second half, but it'll be very much smaller. Just a reminder that that came in late on last year, and there's a phased implementation of that. There's kind of 50% benefit that we got last year. It's a 75% benefit this year, then it lifts to 100% next year. It will be different H1 to H2, but we will get an increasing benefit of that as that implementation gets phased in. Super helpful. Thank you very much. It seems that we have another question from Andreas van Embden with Peel Hunt. Please go ahead. Yes, thank you. Good afternoon. I just had a question around your premium growth outlook, particularly for that quota share book. I think you mentioned in your report that you're taking a more conservative view of the premium estimates on the quota share book you write due to rate softening. I just wondered whether you're just taking a view for 2026. Does this also include a view for further rates softening perhaps in 2027 on multi-year treaties? I'm just trying to understand how much of an influence this adjustment to your quota share premium outlook influences your group revenue outlook. Thank you. Hi, Andreas. Yeah, I guess the comment was primarily focused on the current financial year, but it certainly will impact how we think about 2027. If our view on current rate environment holds, what we've done this year will hold through into 2027. If that rate environment deteriorates further, we'll take further action on those. That might lead to us not renewing more contracts. That's obviously a work in progress, and we can't give too much guidance on that at this stage. We did say that we expect to be a little bit behind 2025 this year now. We do expect to see other opportunities in other lines of business as we move into 2027. Hopefully, some of that will offset some of the rating decline. Just to get a feel for how much of that quota share book you're writing in 2026 spills over in 2027 and perhaps 2028, what percentage should I think of that book will spill over and perhaps needs adjustment if the market continues to soften? Yeah. I think you're thinking about how the earnings come through on that. I guess 2026 underwriting year, it'll be mostly written and earned through next year. There won't be an awful lot that a little bit, but not too much that earns into 2028. Okay. It's mainly 2027. Yeah. All right. Thank you very much. Thank you. Once again, we have a follow-up from Michael Huttner with Berenberg. Please go ahead. I promised last too. The first one is, you're, I feel, I may be wrong, much stronger company than maybe 18 months ago or 12 months ago, or whatever. How has that affected your relationship with the brokers? Do they now come and knock on your door, or more often? Just to get a feel for kind of your market weight, if you like. The second is to say thanks to Elaine. I'm not sure, I think this may be the last call you make. I'm not sure if it's true or not, big thanks. The way I always think of you is the, in French, there's a famous play where the actor protects the war chest, and that's how you've certainly kept that well in place. Thank you. Michael, thank you. Yes, you're right. It is Elaine's call, and it's been my pleasure to have worked with her particularly closely over the last 18 months. Elaine, thank you very much. Thanks, Michael, for the comments. Appreciate them. Yeah. I'll miss your questions. Yeah. She certainly does guard the war chest and lock and chain, padlocks, and everything else you can imagine. In terms of broking relationships, yeah, we do. We are a specialist pure play reinsurer, we obviously have extremely strong relationships with the key brokers, both as it relates to inwards and also outwards on our retrocession. It's one of the things we major on. Being sort of relatively small and single location, we work hard at it, and it's not only just preferred relationships with key customers, but really strong preferred relationships with key brokers. We have continued to enjoy those relationships. I haven't really noticed a shift in emphasis on those relationships. Yes, the company, we've been working on strengthening the teams and with that come new relationships with both clients and brokers. Really, it was initially about stabilization. We've made some good hires in the last few months and done some more changes. That's how I would summarize that. Brilliant. Thank you very much. Another follow-up from Joseph Theuns with Autonomous. Please go ahead. Hi there. Thank you for taking my follow-up questions. The first is just asking for a bit of clarification, I guess, on something that you mentioned earlier, Elaine, which is that you now expect premiums to be lower than last year. That is across the full year. Is that also going to be the case for revenues? That's my first question. The second is on how the increased retro that you've purchased at the midyears will sort of flow through. Can we expect the property retention to decline again further in the second half after your announcement, say? Thanks again. Hi. Yeah. I think the comment around being lower than last year was really focusing on gross premiums written. The revenues will be less impacted by that. That is more of an earned view and is supported by the quota share that is still kind of coming through there from prior years. That's a slightly different relationship there. I guess just on the retro, it's predominantly excess of loss. It's predominantly one place. You can think about it that way when you're factoring through in your numbers. Yeah. There'll be no more significant coverage purchase during the rest of this year. The retention will stay as is. Okay. Thank you for clarifying. That's all the questions we have for today. I will now turn the call back over to Neil for closing remarks. Yeah. We've had what I would describe as a satisfactory first half. We've been really clear in the priorities we have, which is being disciplined, emphasis on margin, capital discipline. I think the company is in a good place. It really just remains for me to thank Elaine for the shift she's put in, and it's been a great pleasure working with you. Look forward to speaking to many of you individually over the next few months or at the Q3 call. Thank you, everyone.