We have been fortunate in that the majority of our policyholders have not shifted into higher risk operations.

I can remember, even on up to the job I have now, some fair degree of uncertainty about whether I was the right person or was going to turn out to have the talents that it would take. Not just to be a manager or a CEO, but to be a good one.

We found perhaps many of our existing policyholders would shift their work focus away from what they had been doing to trades and operations that were more in demand.

I would be surprised if once the entire picture is visible to us, if we haven't suffered a claim increase and an increase in claim costs directly due to the hurricanes.

It is certainly the case that the vast majority of endowment funds are restricted for very particular purposes by the donor, so those are not generally discretionary. I think there is a common misconception that that might not be the case. I think colleges and universities very much value endowment gifts because it provides assurance that there will be long-term support that will not be subject to short-term vagaries or cash flows.

Any man more right than his neighbors, constitutes a majority of one.