Please note, this event is being recorded. I would now like to turn the conference over to Clifford Gallant, Investor Relations. Please go ahead. Thank you. Good morning and welcome to our first quarter 2025 conference call. Our earnings press release and financial supplement were issued last night. If you would like copies, please visit the investor information section of our website at axiscapital.com. We set aside an hour for today's call, which is also available as an audio webcast on our website. Joining me on today's call are Vince Tizzio, our President and CEO, and Pete Vogt, our CFO. In addition, I would like to remind everyone that the statements made during this call, including the question and answer session, which are not historical facts, may be forward-looking statements. Forward-looking statements involve risks, uncertainties, and assumptions. Actual events or results may differ from those projected in the forward-looking statements due to a variety of factors, including the risk factors set forth in the company's most recent report on the Form 10-K or our quarterly report on Form 10-Q and other reports the company files with the SEC. This includes the additional risks identified in the cautionary note regarding the forward-looking statements in our earnings press release issued last night. We undertake no obligation to publicly update or revise any forward-looking statements. In addition, our non-GAAP financial measures may be discussed during this conference call. Reconciliations are included in our earnings press release and financial supplement. With that, I'll turn the call over to Vince. Thank you, Cliff. Good morning, and thank you for joining our call. 2025 is off to a strong start for AXIS as we continue to build on the positive momentum and bottom-line focus that has defined our performance over the past two years. As shared at our Investor Day a year ago, we have a strategy and portfolio designed to guard against volatility and seek profitable growth. Even today, as we navigate uncertainty brought on by trade disruption, geopolitical tensions, and market volatility, AXIS is well-positioned as a specialty underwriter that brings a strong value proposition to its distribution channels. Now, more than ever before, our customers are adapting to a dynamic and highly complex risk environment, and AXIS is providing customized and innovative specialty solutions to help them. Our first quarter financial results evidence that we have developed a portfolio that consistently performs even against outsized catastrophe events and changing risk dynamics. Indeed, across our organization, we continue to act with pace and seize profitable growth opportunities while serving our customers' needs. I'll share some of the headline metrics for this reporting period. In the quarter, we produced an annualized operating return on equity of 19.2% and record diluted book value per common share of $66.48. Operating earnings per share of $3.17 represent a 23% increase over the prior year quarter and our highest-ever quarterly operating earnings per share, an all-in combined ratio of 90.2, delivered in a quarter in which natural catastrophe losses, including wildfires, approximated more than $55 billion. AXIS's share of the cap losses was less than 10 basis points. We generated record premiums of $2.8 billion, representing 5% growth, including $738 million in new premiums. Looking deeper, our insurance premiums grew 8% ex-primary casualty and cyber, lines that we have mentioned as being reshaped during past earnings calls. We remain on track to achieve our G&A r atio target of 11% by 2026. We produced net investment income of $208 million, up 24% over the prior year quarter. Enabled by our strong capital position, we opportunistically repurchased $440 million in shares during the quarter. Last week, we closed our previously announced LPT agreement with Enstar, even further demonstrating confidence in our reserves. Let's now move on to our segment, and we'll begin with insurance. Our insurance segment produced excellent results, generating an overall combined ratio of 86.7, a current accident year ex-cap combined ratio of 83.4, $1.7 billion in premiums, up 5% over the prior year quarter, including $547 million in new premiums. I will add that both our total and new business premiums were our best ever for the first quarter. Our quarterly underwriting income of $135 million is an all-time high for our insurance segment. In North America, we continue to produce high single-digit growth at 9%, coupled with healthy submission flow, which was up 21%, propelled by our E&S lines. We are also seeing increasing contributions from our recently launched new and expanded business units, including commercial surety, environmental, and ocean marine, to name just a few. Our dedicated wholesale lower middle market unit grew 41% in the quarter. In our global markets business, which is operating in a competitive market landscape, we drove selective growth in the quarter across targeted classes such as A&H, renewable energy, and marine specie. Importantly, this business remains premium adequate, and our team is maintaining underwriting discipline as we cycle manage that business. Let's now move to reinsurance. AXIS Re performed well in the quarter. In the quarter, the business delivered a 92.3% combined ratio and $1.1 billion in premiums, up about 5%. In the first quarter, we write approximately 45% of our reinsurance business for the year. We continue to pursue growth in our specialty-focused classes and added $191 million in new business, with 48% coming from our short-tail specialty lines. While the overall reinsurance market remains varied by line, our focus is on producing consistent, profitable results with low volatility while also leveraging our dual underwriting platform model, seeking profitable growth where we see the best opportunities. Let's now step back and discuss broader market conditions. As I noted at the outset of our call, the current trade and geopolitical environment introduces uncertainty across a number of dimensions, including rising loss costs, potential impacts on economic growth, and the threat of a recessionary environment. At AXIS, on an ongoing basis, we assess all forms of uncertainty presented and, through our normal underwriting practices, take steps and measures that guard against adverse outcomes. With respect to tariffs in particular, we anticipate that the most immediate impact could be on loss costs. This would be most likely reflected in our first-party lines, predominantly property and cargo. Additionally, should the current uncertainty surrounding tariffs persist, we would expect an impact on growth in certain of our lines of business. Nonetheless, we have confidence in our ability to address these factors while leveraging the diversification within our portfolio. That said, our strategy remains firm and contemplates shifting market conditions. We continue to see areas that bring our specialty underwriting capabilities to further serve customer needs globally. Let's unpack this further. Our portfolio is highly premium adequate, and the business being placed on our books is meeting our risk-adjusted long-term expectations. We continue to lean into premium adequate short-tail lines, where we are seeing attractive performance, which currently comprises 55% of our total gross premiums written. Notwithstanding, competition is increasing in property, and after seven years of rate hardening and strong results, we are pursuing a more selective growth strategy. In the quarter, we evidence a negative 7% rate change with 3% growth across our eight operating divisions that bring property to market. Our portfolio continues to be highly premium adequate, well-constructed, and has an average net limit in the low single-digit millions. Through the quarter, the changes in competition are primarily affecting rate and not terms and conditions. However, in liability, pricing momentum is being sustained at elevated levels, achieving a 13.5% rate increase in the quarter. Going deeper, in U.S. excess casualty, we generated a 16% rate change in the quarter. Further, in primary casualty, rates are up 21% in the quarter. Moreover, we completed our previously mentioned remediation of primary casualty this quarter. As respects cyber, we've commented previously that we're leveraging our ability to deploy cyber capacity through both our underwriting businesses. In reinsurance, we grew our cyber portfolio by 29% in the quarter. More importantly, we remain confident in our premium adequacy, limit deployment, and accumulation management between both insurance and reinsurance supporting this growth. As part of the reshaping of our delegated cyber portfolio, we feel good about the progress we're achieving through our partnership with Elpha Secure. This partnership enables AXIS to address the lower middle market segment and enhance our value proposition through the advanced cybersecurity services that are provided. It is worth mentioning that we will continue to remediate our delegated cyber business. We expect that work to be completed by the end of the third quarter as we continue to reshape approximately $60 million of that business. Finally, our targeted insurance cyber business continues to attract the large account segment, where we continue to see adequate returns against our underwriting appetite. In summary, even amidst uncertainty and continued shifts in the market environment, we are profitably growing our business, and we are deploying our capital into targeted, attractive markets while leaning into our specialty underwriting value proposition with agility. Through our How We Work program, we continue to enhance all aspects of how we operate, and the more than 1% improvement in our GA ratio reported in the quarter is a direct result. However, and importantly, How We Work is not solely about cost elimination. Indeed, we continue to make investments in our technology and operating platforms while enhancing our underwriting and claims capabilities. By way of example, I'll point to our wholesale lower middle market business, which I referenced earlier. This unit's steady, profitable growth has been propelled by our investments in talent, data, technology, and AI. This is just one of a range of initiatives that we're leading to help build a foundation of future growth for AXIS. Stepping back, we continue to execute on our strategy and are advancing the strategic priorities that form our value creation framework, growing our diluted book value per share and producing strong financial results, driving profitable growth in our targeted specialty markets and tapping into new revenue opportunities, optimizing our operating model while enhancing productivity and managing our capital efficiently. Throughout the company, we remain focused on delivering on our stated goals and solving clients' problems, and I thank our AXIS colleagues worldwide for their continuing outstanding contributions. With that, I'll now pass over to Pete for his financial report. Thank you, Vince, and good morning, everyone. AXIS had a very strong start to the year. Our net income available to common shareholders was $187 million, or $2.26 per diluted common share. Our operating income was $261 million, or $3.17 per diluted common share, producing a 19.2% annualized operating return on common equity. This drove our book value per diluted common share to $66.48 at March 31, an increase of 16.4% over the past 12 months. Let me give you some consolidated company underwriting highlights. Our gross premiums written of $2.8 billion were up 5.3% over the prior year quarter, and we continue to see attractive opportunities across our businesses. Our combined ratio was an excellent 90.2%, despite the California wildfires. Our accident year loss ratio ex-cap and weather was 56.3%, similar to the prior year quarter. Cap losses were just $49 million, producing a cap loss ratio of 3.7%. Cap losses were primarily driven by California wildfires. I'd add that the nature of these losses were not concentrated in commercial lines, but predominantly in personal lines, where we are much less exposed. We adhere to our philosophy of wanting to see sustained positive momentum before releasing reserves, and we recorded a release of $18 million from the short-tail lines, with $14 million in insurance and $4 million in reinsurance. Our consolidated G&A expense ratio, including corporate, was 11.9%, down from 13% a year ago. We remain on track to achieve our better-than-11% target for 2026. Now let's move on and discuss our segment results in more detail. Insurance had a strong quarter. Gross premiums written were $1.7 billion, an increase of 5% compared to the prior year quarter. As Vince mentioned, growth was just over 8%, excluding the remediations in cyber, which will continue into the third quarter, and in primary casualty, which was completed in this first quarter. Property growth in the quarter was led by good growth in renewable energy and construction property, and this was somewhat offset by a reduction in our E&S property book, down about 2%, and a double-digit decline in our London global property book as competition has increased. We continue to see attractive opportunities in excess casualty, which drove growth in liability and more than offset the remediation in primary casualty. As Vince mentioned, rate in both these lines continued to be above trend. In credit and political risks, we grew our new surety business and saw good project financing opportunities in the quarter, which also contributed to the growth. Pricing generally remains highly adequate, and we are putting capital to work at attractive returns above our long-term targets. Importantly, our business from new initiatives, which were launched over the past two years, meaningfully contributed to our growth in the quarter, with premiums from these initiatives growing by about over 50%, including the targeted lower middle market business. I would note that our gross-to-net premium ratio was skewed in this quarter by a change in the structure of our quota share for pet insurance and a restructured cyber occurrence XOL treaty purchased at 1/1 as part of our outward cyber renewal. Excluding A&H and cyber, our 2% reported net written premium growth would have been 9.8%, which reflects our 2024 initiatives to retain more of our highly premium adequate business. The insurance combined ratio was an outstanding 86.7%. The quarter included 4.7% of caps and weather-related losses and 1.4 percentage points of reserve releases from short-tail lines. Now let's move on to the reinsurance segment, where the business produced a 92.3% combined ratio, continuing to deliver stable, consistent, and strong profitability. Gross premiums were up 5% in the quarter as we seized some opportunities but also pulled back when needed. Notably, liability lines grew 16%, but we stress that we're maintaining a tough stance and maintain our cautious view on the line. In North America liability, we saw a decline in volume, offset by select opportunities in our international markets, where we benefited from some restructured contracts. I'd note that 60% of the liability quarterly growth was due to timing. This is premium that will not be available for renewal later in the year. In professional lines, growth was driven by opportunities in cyber. Offsetting the growth was reduced writings in motor, where there was more competition in the U.K. post the Ogden rate change, and in A&H, where we non-renewed some business due to increased competition and pricing that did not meet our standards. As I mentioned, the reinsurance combined ratio was 92.3%, with an ex-cap accident year loss ratio of 68.4%. Caps were just a half a point, and there was 1.2 points of benefit from the reserve releases. The underlying loss ratio was similar to the prior year quarter, which, as we told you then, was impacted by the Baltimore Bridge collapse. We are being more cautious as we book our loss picks in reinsurance, reflecting a somewhat higher level of uncertainty in this environment. We will continue to be cautious throughout 2025, but expect the year to have strong underwriting profits, much like this quarter. We had a very good quarter for investment income at $208 million, up 24% over the prior year quarter. I'd note our alternative portfolio performed very well in the quarter, with a return at about double our expected quarterly run rate for the remainder of this year. Our outlook for investment income remains favorable as we continue to generate excellent operating cash flow, and our market yield of 5.2% is above the 4.5% book yield as of March 31. As announced last week, the LPT transaction with Enstar has now closed. The associated assets have been moved off our balance sheet and will no longer be producing investment income for us. You will see the adjustment to invested assets in our 2Q balance sheet, where cash and cash equivalents will be substantially reduced. For our tax rate, Bermuda is now a 15% corporate tax rate jurisdiction, and this is reflected in our effective tax rate of 18.6% in the quarter. We expect the full year tax rate to be in the high teens. Despite the gyration of financial markets, we remain in a very strong capital position. The priority for capital is to advance our strategic goals, whether it be growth opportunities, including organic growth and the hiring of new teams, or investing in our capabilities, such as the scale adoption of digital and analytical capabilities. However, while our share price hit new highs in the quarter and we have a 12-month total shareholder return of 58%, we view repurchasing our shares as an attractive option for utilizing our capital. In the quarter, we completed $440 million in share repurchases and declared $36 million in common dividends. We have $160 million remaining on our repurchase authorization. With a major natural catastrophe loss and turbulent financial markets, 2025 has already showed extreme volatility. Here at AXIS, we believe we are well-positioned both operationally and financially to continue to report the steady and strong operating EPS and book value per share growth that our shareholders have come to expect. With that, we'd be happy to take your questions. We will now begin the question and answer session. To ask a question, you may press Star, then 1 on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press Star, then 2. At this time, we will pause momentarily to assemble our roster. The first question comes from Andrew Kligerman with TD Securities. Please go ahead. Hey, good morning. I guess the first question is, Vince, you talked about, I believe you were saying pricing was off about 7% in property across seven divisions. I'm curious, are we at kind of early innings of pricing reductions? Where do you see pricing going from here in the property lines? It seemed like it was creeping up, and then this quarter, pricing really came down hard in property. Maybe a little color on where we're going across the board in property. Good morning, Andrew. Thanks for the question. In the quarter, just as I said, we were off negative 7.1%. I think that there's a couple of phenomenons to account for. This is much about a geographic performance of rate as much as anything else. Importantly, the construct of our portfolio is global. Secondly, as I indicated, our term condition and limit profile remains largely unchanged, largely unchanged. When you speak about rate, you have to understand that this is an environment where we have changing TIVs. We have a more competitive London market than in the United States. I think this is more directed in our global market business at the moment, where we're seeing a more precipitous rate change. Within our predominant business in the U.S., our E&S wholesale business, we're seeing rate moderation, to be sure, but not in the same order of magnitude. In terms of where we go from here, I believe that the events of the first quarter, as I estimated, more than $55 billion, is an important reminder that, notwithstanding the premium adequacy that AXIS enjoys, we're going to continue to make certain that we're recycled managing that business, that the business we retain and attract is meeting our risk-adjusted returns. In that important respect, we feel very good about the outcome globally. Hi. Vince, premium, I guess net written premium constant currency was up 3%, but I believe either it was you or Pete on the earlier comments. You talked about, excluding some unusual items, it would have been up closer to 8%. You also mentioned 21% increase in North America submissions. What I'm getting at is, how do you see net written premium growth through the year? Can you do upward single digit? Is that something that's viable? I'm not necessarily asking for guidance, but do you feel like that's something realistic to expect? Yeah, I believe our view is yes, it is reasonable to expect. Pete detailed what I would describe as exceptions in this quarter relating to two specific products and our normal run rate excluding that. We feel comfortable with mid to high single digit net written premium growth for the balance of 2025. You pointed to submission growth. I would tell you that we feel it's quite robust, quite robust. We represented more than 29% submission increase. This is a robust market. It is highly selective, of course. It is targeted, but that has been our underwriting approach these past several years. Pete, I don't know if you'd like to add additional color. Yeah, the only color I'd add is we did buy some extra protection, sideways protection in our cyber book of business in this first quarter. That's going to provide us with more XOL protection in case an event happens. All that got pushed through as ceded written in the quarter. That did cause a bit of an anomaly. Obviously, I talked a little bit about the PEP, where we're now sharing more business with a bigger quota share. In our other areas, Andrew, I'd point out, we mentioned that our cyber quota share, we actually reduced that, so we're keeping more of those writings. Last year, we reduced our quota share on our pro lines. Actually, this 4/1, we renewed our liability quota share. We reduced that a bit, so now we're keeping more of our own liability cooking. I would even point to the net earned premium growth of 10% in insurance in the quarter and say we really feel good about being able to grow the net written and the net earned as we actually renew some of our treaties. We're keeping more of a very premium adequate book of business. That was great. Maybe if I could just squeak one last one in. Prior year developments looked great, particularly in insurance. Pete, in your comments, you talked about being "more cautious" in your loss picks. Should I read into that that the casualty development is good and you're not taking any initiative to release reserves because it's casualty and the environment is unpredictable, but things are trending the way you'd like to see them trend in casualty? Andrew, this is Vince. Pete's comments were directed to our reinsurance business. More broadly, though, your question cuts across our entire company. First, we feel very good about our reserve positions in total. We feel very good about our position of reserves in liability. As Pete indicated, in our reinsurance business, not loss-driven, we brought more caution across our loss ratios, including our specialty lines, which have been a targeted area of growth. Our team is executing well against its stated product strategies. As Pete indicated expressly in his opening remarks, this is more caution-driven given the macro environment, the uncertainty of the environment related in that business. I guess I'd add on to that, Vince. My comments were very much directed at the first quarter ex-cap loss ratio in reinsurance. That is where we actually put some more caution in our specialty lines, our short-tail specialty lines, and moved those loss picks up from the run rate we had seen coming out of 2024. On the liability side, Andrew, the loss picks are consistent with where we were coming out of 2024. We feel very comfortable about that book of business. The casualty books, we actually let continue on a very consistent loss ratio from where we left 2024, but we did move up the short-tail specialty lines in an abundance of caution given the current environment. That would be our A&H and our agriculture book of business, where we actually just moved up some loss picks in the quarter. Very helpful. Thank you so much. You're welcome. The next question is from Christian Getzoff with Wells Fargo. Please go ahead. Hi, good morning. I had a question on your expense ratio in the quarter. It was a nice drop off year over year. I was just wondering if there's anything particular one-off in the specific quarter, just given the Q1 tends to be typically one of the highest expense ratio, just given incentive comp, and how should we think about the progression from here down to the sub-11 for the full year? Hi, this is Pete. I'll take that. Actually, there was nothing really one-off in the quarter. I would suggest the 11/9 actual is almost a normalized. 11/9 is where we are starting the year. As you note, our first quarter does tend to be the highest quarter. I would expect that again to happen this calendar year. Driven very much by you saw actual dollars of expense were down year over year. We continue to lean into how we work as a way to actually continue to process business at a lower cost. Again, net earned premium was up. Again, dollars down. That expense leverage is what we've been pushing at as an entire organization. I have got to give my colleagues around the world credit for really looking at how we process differently in this new age to bring our expense ratio under control. Got it. Thank you. For my second question, the reinsurance underlying loss ratio, the 68.4, is that kind of a good run rate to think about for the balance of the year, just given your conservatism around the line? Was there anything that was maybe like elevating the underlying loss ratio in the quarter, maybe like aviation losses or something along those lines that we should be mindful of? Yeah, this is Pete. I'll take that. I think as we look in today's environment, what we do at the first quarter is a decent view of a run rate for the year for reinsurance. I would point out, because we have gotten questions about aviation, we did not have any significant aviation losses in the quarter, I would say. That was not impacting the loss ratio in either reinsurance or insurance. Great. Thank you. The next question is from Meyer Shields with KBW. Please go ahead. Great. Thanks. First question, I guess, would be you had decent growth in cyber and political, I'm sorry, credit and political risk in insurance. How should we think about the exposure of that specific line to tariffs? Meyer, good morning. It's Vince. Firstly, we have a very strong team. This is a historical business that has been quite consistent in profit generation, strong brand identity. More specifically, the growth from our insurance business and this product set really came from our surety business. That was the principal contribution of the increase of growth in the quarter. Obviously, the tenor of our normal structured credit offerings accounts for a rigorous underwriting approach that accounts for or takes into consideration economic outlooks, certainly the obligor. We feel very good about the leadership of that business. We feel very good about the diversity of our product mix in that business. In the quarter discrete, this is more about our surety growth that we enjoyed. Okay. That's helpful. Then on the reinsurance side, you talked a little bit about primary motor rates in the U.K. decelerating post-Ogden. Is that an issue that should impact written premium over the balance of the year as well? Yeah, I'll take that. This is Pete. A lot of that business does renew in the first, I'll call it, three to four months of the year. We don't necessarily see that coming back, if that's your question, Meyer, for the rest of the year. It got very competitive at the one-ones after the Ogden rate increased. For us, that was a lot of XOL-type treaties out of the U.K. That is going to be the impact for the year. I don't anticipate or we don't anticipate a movement where it could come back to us. Okay. Perfect. Thanks so much. Thank you. The next question is from Andrew Andersen with Jefferies. Please go ahead. Hey, good morning. On U.S. primary casualty and excess casualty, still pretty good rate, but I think it was down a bit quarter over quarter. Was that kind of reflective of business mix or perhaps a willingness to compete a bit more? Andrew, good morning. This is Vince. I think that the primary casualty story is this was the final quarter of very strong remediation and just kudos to our E&S primary team and leader of North America generally. That was really what drove the final quarter, the final mix that we were reshaping. In excess casualty, we're pleased with the double digit. There is some mixed influence, of course, but we're confident in what we delivered in the quarter, both in the dimension of rate change, but equally, and importantly, the growth aspiration we have in that very profitable business. Thanks. Then just on professional lines, I think it was up 9% in the quarter after kind of being flattish for the past few periods. We've been hearing some commentary about increased competition on liability claims made, which is what I would think this is. Could you maybe just talk about the growth in that line? It's a broad SEC class, SEC class reporting class professional. Let me unpack that. Firstly, this is not a function of public D&O growth. As a company, we remain unfavored by the rate environment despite the increasing loss landscape in public D&O. Additionally, we've invested a number of classes. If you think about Allied Health, if you think about our lower middle market private company D&O efforts, these are key contributors to the growth. Further, I would also note internationally, we had some increase in TL transactional liability, which also formed, I think, the third prong of the chief growth we evidenced in the professional lines this quarter. Thank you. You're welcome. Again, if you have a question, please press star then one. The next question is from Charlie Lederer with BMO. Please go ahead. Hey, thanks. I guess my first question, I'm wondering, given some of the moving pieces you guys called out in insurance, whether we should expect the underlying loss ratio and the acquisition cost ratio to move here from mix just as the remediation impact in liability goes away and maybe property growth continues to moderate. Thanks. Yeah, I'll take that, Charlie. This is Pete. I would think for the rest of the year, while we don't give guidance, the loss for the ex-cap loss ratio, I'll call it in insurance, will probably still be in that 52-53% range. I mean, the mix is not going to change materially through the rest of the year. It may change by a couple of points, but I would still think that we'll be in that, we'll call it 52.5% plus or minus range for the remainder of the year. Got it. Thanks. Vince, you made some interesting comments on tariffs impacting loss costs and top line. Can you unpack in which lines you think AXIS would feel that? There have been a lot of headlines the last couple of days about import pull forwards. Is there growth opportunity in the short term because of that, maybe in marine and trade credit? We have a diverse product portfolio that's global. In my prepared remarks, I certainly pointed to how we're assessing the potential impact of tariffs as, A, if they're sustained and executed. We pointed to property. We pointed to cargo explicitly. We did not point to auto physical damages. That is not a material portfolio for the AXIS organization. We equally, as you infer in the latter part of your question, do see opportunities that continue to emerge. We do think that we're well positioned geographically with the product breadth that we have to meet that potential need as well. I think we have a very prudent approach in how we're accounting for tariffs. We certainly don't have a crystal ball on the outcome. It remains highly fluid, but our organization is agile in being responsive to a number of scenarios, including the potential impact of loss costs in our company. Thanks. One last one. I do not know if you guys called this out. The pet insurance dynamic impacting the net-to-gross premium ratio in insurance, should that impact last throughout the year, or does that lap at some point in the next few quarters? Thanks. Hey, Charlie. This is Pete. That really started up in the second half of last year. It will really impact more the first half of the year than the entire year. Thank you. The next question is from Josh Shanker with Bank of America. Please go ahead. Yeah, thank you for taking my question. Good morning. Looking at the buyback, you guys did $440 million this quarter, which was about 10-11% of the daily volume in the stock. I'm just trying to understand the dynamic of how that's achieved. Also, I know you knew you had some capital being freed up from the Enstar deal, but I mean, this pace, obviously, you like your shares here, but it's not sustainable. Can you sort of frame how we should think about the first quarter's buyback and what that means for the remainder of the year? Yeah. Hi, Josh. This is Pete. I'll handle that. I'd remind you that one of the things we talk about, always talk about when we think about buybacks is we're going to do it opportunistically based upon where we think we're trading at the current moment. In the quarter, opportunistically, we had a large shareholder come to us. $400 million of the $440 million was actually done on two transactions that were not done on open market activity. That's how we were able to actually execute $400 million of the $440 million without dealing with the necessary, as you point out, trying to get that done and push it through the market. For the remainder of the year, we've got $160 million left in our authorization. I'll tell you, we're going to continue to be opportunistic as we deploy that $160 million. As I mentioned in my prepared remarks, we still think our shares are undervalued. We do anticipate some buyback during the year, but we do not have a set plan in place that I would actually articulate to you. Okay. I mean, I'm not quibbling. I think the Q says open market, but it totally makes sense that they weren't done in the open. I'm looking at the statement of cash flows there for what it's worth. That totally makes sense. In terms of the capital freed by the Enstar deal, is this sort of already contemplated, or is this incremental to how you view the capital return potential for the year? Yeah. Hey, Josh. Again, the LPT transaction completed, so we're really excited about that. We did contemplate the impact of that when we went to the board and asked for the $400 million authorization back in February. We're already seeing the benefit on our balance sheet at year-end because we'd already moved a lot of fixed income assets into cash. The capital charges associated with the asset side were already coming down. I'd say already somewhat contemplated in what we've asked the board for. All right. Fantastic. Thank you for the information. You're welcome, Josh. This concludes our question and answer session. I would like to turn the conference back over to Vince Tizzio for any closing remarks. Thank you all for joining today's call. I again express my deep appreciation to our AXIS teammates and to our valued trading partners and customers. This completes our first quarter call, and we look forward to reporting our continued progress as we pursue our specialty ambition. Thank you. The conference has concluded. Thank you for attending today's presentation. You may now disconnect.