Neil Mehta

She's like, you can't go to Karachi. It's too dangerous. And it was a phenomenal experience. And we had an amazing partner in Pakistan. He did a fabulous job with the business. I have nothing but incredible things to say about him, about the country, about the business there. This is a great story about Rwanda. We bought the leading PNC insurer. We're also one of the largest real estate owners in

She's like, you can't go to Karachi. It's too dangerous. And it was a phenomenal experience. And we had an amazing partner in Pakistan. He did a fabulous job with the business. I have nothing but incredible things to say about him, about the country, about the business there. This is a great story about Rwanda. We bought the leading PNC insurer. We're also one of the largest real estate owners in

of the insured on all this real estate. So we're in Kigali. We buy this business. We're growing it. None of these businesses had great solvency law. I mean, this is like very early in the life cycle of how insurance work in these countries. But our view was, if you read about Rwanda, it's like the Singapore of Africa. We get on the ground. Our insurance team's there. This business is terrible.

of the insured on all this real estate. So we're in Kigali. We buy this business. We're growing it. None of these businesses had great solvency law. I mean, this is like very early in the life cycle of how insurance work in these countries. But our view was, if you read about Rwanda, it's like the Singapore of Africa. We get on the ground. Our insurance team's there. This business is terrible.

For every dollar of premium we get, we lose $1.80, which in the insurance business, you can't make that up with investment returns. You're in a bad position. And we were the best of all of them. Why is not everyone else bankrupt? I'm like, well, it's a funny thing. Nobody really audits these companies. And as long as you continue to write more premiums the next year, you can make it work.

For every dollar of premium we get, we lose $1.80, which in the insurance business, you can't make that up with investment returns. You're in a bad position. And we were the best of all of them. Why is not everyone else bankrupt? I'm like, well, it's a funny thing. Nobody really audits these companies. And as long as you continue to write more premiums the next year, you can make it work.

I'm like, well, that's not going to work for us. So we decided we might not want to be in this business as we make that decision. We get a claim and the claim is from a wealthy family that has some political connections. And it turns out that someone that we insured died in a car accident. There's a terrible thing. Now there's a pretty systematic way to think about PNC insurance globally.

I'm like, well, that's not going to work for us. So we decided we might not want to be in this business as we make that decision. We get a claim and the claim is from a wealthy family that has some political connections. And it turns out that someone that we insured died in a car accident. There's a terrible thing. Now there's a pretty systematic way to think about PNC insurance globally.

There's a table for how to think about life. I hate to put it that crudely, but that's kind of how it works. And I fly out of Kigali, we got to take care of this claim. It's a big claim. And I'm like, well, we have to prosecute the claim because that's too much. That's outside of the table for how to think about the value of this accident. So we go to court.

There's a table for how to think about life. I hate to put it that crudely, but that's kind of how it works. And I fly out of Kigali, we got to take care of this claim. It's a big claim. And I'm like, well, we have to prosecute the claim because that's too much. That's outside of the table for how to think about the value of this accident. So we go to court.

The guy that shows up as the defendant in the claim, it's not the lawyer for the claimant. It's the claimant that died in the car accident. And we're like, I mean, case closed. The guy's right there. This is all done. And lo and behold, there's this performative jury that's like, ah, you know, this is out of bizarro world. This is crazy.

The guy that shows up as the defendant in the claim, it's not the lawyer for the claimant. It's the claimant that died in the car accident. And we're like, I mean, case closed. The guy's right there. This is all done. And lo and behold, there's this performative jury that's like, ah, you know, this is out of bizarro world. This is crazy.

And so we're like, this is not a country we want to be operating. So it took that experience of building this insurance company where like, there's no winning here. It taught us a lot. about the kinds of founders we want to partner with, the kind of markets we want to be in, the way we want to spend our time. It costs us real time and money and years.

And so we're like, this is not a country we want to be operating. So it took that experience of building this insurance company where like, there's no winning here. It taught us a lot. about the kinds of founders we want to partner with, the kind of markets we want to be in, the way we want to spend our time. It costs us real time and money and years.

We haven't lost that zeal of wanting to build something really special.

We haven't lost that zeal of wanting to build something really special.

I have friends that. sometimes complain about their LPs or the updates they have to do or the conversations they have to have. You just love this stuff too much. They might make different decisions if they didn't. Many have structured their lives in such a way where I really enjoy the people that we spend. I have a WhatsApp chat with my alpaca. I mean, I talk to them a decent amount.

I have friends that. sometimes complain about their LPs or the updates they have to do or the conversations they have to have. You just love this stuff too much. They might make different decisions if they didn't. Many have structured their lives in such a way where I really enjoy the people that we spend. I have a WhatsApp chat with my alpaca. I mean, I talk to them a decent amount.

I talk to some of my investors. They're like friends of mine. I get to do this with people I really love and admire and respect. they've oftentimes, our best ones have given us courage when we might've even lacked a little bit of it. I think about them as partners and shareholders in our business. And I think there's three reasons why. I think the first is I enjoy them.

I talk to some of my investors. They're like friends of mine. I get to do this with people I really love and admire and respect. they've oftentimes, our best ones have given us courage when we might've even lacked a little bit of it. I think about them as partners and shareholders in our business. And I think there's three reasons why. I think the first is I enjoy them.