<p><strong>Speaker 0</strong>: <span>risk. At the moment, I would say a lot of the focus in the US litigation space has been around the reduction in frequency. And actually what we find now is there's a coalition of actions against large companies, companies in the electric vehicle space crypto issues, also large mining companies.</span></p> <p><strong>Speaker 0</strong>: <span>For non US traded companies. There has been a big increase in litigation all over quite frankly, and an increase in regulatory actions.</span></p> <p><strong>Speaker 0</strong>: <span>So, yes, obviously the economic backdrop does have a big influence on you tend to find that in downturns you have a far higher caseload in terms of claims. That being said, it's obviously much more defensible. You find it harder to actually pin wrong flags on directors. But in the main year, caseload does seem to follow economic cycles.</span></p> <p><strong>Speaker 0</strong>: <span>Yes, regulatory actions all over the place and they have increased. They become global in scope, the F C p, the s, the anti bribery act. So yeah, all companies big and small globally have this exposure.</span></p> <p><strong>Speaker 0</strong>: <span>So the best way for a company to reduce its DNA risk, I would say, is to really focus on corporate governance generally. But of course, also to have a strong relationship with Securities Defence Council, especially if you're a public listed company. Having that kind of rapport with defence counsel means that they can really make sure that your disclosures are robust and fit for purpose and defensible.</span></p> <p><strong>Speaker 1</strong>: <span>So when companies invest in risk management to reduce their exposure, if they think of it in terms of reducing premium, it's probably the wrong way to look at it</span></p> <p><strong>Speaker 1</strong>: <span>because the reward is not about the premium reduction. The reward of good risk management is to avoid the loss in the first place or when that loss happens to be able to mitigate it effectively and therefore reduce the impact on the business, the disruption related from the claim or the circumstances, and the wider economic losses that they will suffer that go way beyond whatever insurance contract can actually cover.</span></p> <p><strong>Speaker 1</strong>: <span>You know, the real pleasure to be here at Biba is, of course, not only to kind of reconnect with some people that we may not have seen for a while, but more interestingly is to actually get a feedback directly from the market, whether we are doing things right or wrong. And it was really interesting to see a lot of brokers coming to see us that we hadn't seen before that we</span></p> <p><strong>Speaker 1</strong>: <span>did not know before just because they have heard about the better way that actually we look at how we service our brokers, our speed of service. You know, our agility from an underwriting standpoint. And some have also heard about some of the tech innovation that we have brought in our business model and wondering how we've done that.</span></p> <p><strong>Speaker 1</strong>: <span>We just celebrated our second anniversary, and that has opened up now a number of opportunities for us to consider our next expansion. So whether it's in terms of product, as we've just launched today, the employment practise liability, pension, trustee liability and commercial crime.</span></p> <p><strong>Speaker 1</strong>: <span>But our opportunities to expand go beyond these three products. We're looking at expanding from a geographical standpoint, and we had the pleasant surprise of having a number of continental European brokers knocking at our door. So this is also one of our next frontier.</span></p> <p><strong>Speaker 1</strong>: <span>Measuring success is really difficult. How do you look at whether you get things right or wrong? So one easy way is simply considering the fact that we continue growing despite a market environment that has become a little bit more challenging and yet we are continuing. Growing.</span></p> <p><strong>Speaker 1</strong>: <span>Measuring success is also identifying that brokers have come to us and asked us for more. This is why we have launched L commercial crime and pension Trustee Liability Insurance. It was because we listened to our brokers and they asked us to actually deliver more. So we stepped up and we launched three products today and then recently what really brought it home to us</span></p> <p><strong>Speaker 1</strong>: <span>is we just celebrated that second anniversary by inviting our strategic brokers to an event and the sheer success that we've had, you know, the feedback that we've received, you know, we were able to organise that event at the football club, a non league football club, was when you build a very strong relationship because we share really important values with them in terms of like</span></p> <p><strong>Speaker 1</strong>: <span>tolerance, inclusivity, diversity and we brought that on the field, you know, we had brokers, underwriters, male female, playing a great game 5 to 4, By the way, it was fantastic</span></p>