Lee Harris

They don't want a conflict occurring in the Baltic Sea or in the Gulf to result in an insurance policy on the other side of the world for an asset that wasn't immediately affected being canceled.

I think they're preparing for a world of kind of prolonged geopolitical conflict, more friction, more skirmishes, even between some of the most powerful countries in the world.

And it tells us that even if this peace deal holds in Iran, and even if we're approaching some kind of settlement in Ukraine, insurers are basically preparing for a world where there's more conflict between the world's biggest economies.

Thank you.