Be in no doubt this is the largest insured loss that has ever occurred. The trouble is we have no idea how big it will be.

This is the kind of loss that nobody has any experience of.

There's a strong possibility that rates will harden in other areas as people move capital to the opportunities they see.

A profit like this in a year like last year is a superb result.

I wouldn't want anybody to think we are going to run our UK business at an 80 percent combined ratio. I would be delighted if it was 95 percent.

That would leave us some money to grow the group into what we see as a very attractive market in many segments for the next few years.