TRV
#This is <UNK>, and I'll tell you there's certain things we don't normally disclose.
But I will tell you, and we've said this in the past, that over 90% of our new business is now coming from Quantum 2.0.
Since inception, we've now got a pretty big chunk of premium, and we've got enough earned premium that we think there's enough credibility for us to really look at the performance of the business.
And I'll tell you that it's right within our expectations of how we thought it was going to perform.
The reason it's not 100% is because there are some states ---+
Exactly.
That simply don't allow Quantum 2.0 as a model, as a pricing model.
So ---+
Well, I'll tell you, we just rolled out California and Massachusetts.
It's a new product, but it's not Quantum.
And we've got a few other states, North Carolina, we have to build something separately for that.
But even in California and Massachusetts, which we were happy to bring them a new product because they didn't even get Quantum 1, it's a light version in terms of what the regulators allow us.
And that's largely because of the inability to use credit.
Credit, that's right.
As an upfront underwriting evaluator and pricer in those states.
<UNK>, it's <UNK>.
Let me start with that, and maybe <UNK> will follow up.
We certainly apply the same standards outside the United States, as we do inside the United States.
So the question is always is the transaction going to contribute to our ability to create shareholder value over time, so same lens for evaluating all of it.
Given our profile in the United States, given market share, the franchises we have, that same analysis might apply differently outside the United States, where there's just more GDP that we're not currently accessing.
So we like the opportunity in Brazil long term.
We like the transaction in Canada with the Dominion.
And we'll continue as we have been on this journey to export our competitive advantages from the US to other markets.
We'll continue to build on a platform that's scalable, and as we find those opportunities, we'll again make every effort to complete those transactions.
But so, we're certainly out looking for them, and it's the exact same standard we would apply to a transaction in the US.
I'd just add one comment, because we'd take it for granted, sometimes you all forget.
We are not a Fortune 100 or 200 guaranteed cost casualty underwriter.
We're not a liability writer broadly, general liability, to what we would call global companies.
So when we talk about outside the US, we're talking about local business.
This is now Brazilian companies or Canadian companies.
We're very focused on the local environment.
So where the local environment has characteristics that would allow for a another ---+ either another competitor to come in and succeed, or an acquisition opportunity where that local environment holds promise, we're ambitious for that, no issue at all.
But it is a very local evaluation, not an evaluation of kind of the global insurance market.
There are certainly differences between marketplaces, but we think our fundamental approach to the business, being disciplined about returns, being strong underwriters, all those cultural attributes do translate.
And we think that, that given the sophistication we have in this marketplace, there's opportunities for us to deploy that sophistication in other less sophisticated markets and make a difference.
But there are definitely differences market to market.
I wouldn't say that necessarily holds us back, but it is one of the things that we assess and evaluate.
But I would also observe that there are differences in the states, in the United States.
<UNK> just talked about our Quantum product and how we've got to tailor that to different markets in the US, and we really take that same skill-set of assessing our competitive advantages, and figuring out how to deploy them in markets around the world.
So that's what we've done in our existing footprint.
And that's what we'll continue to do, whether it's in that footprint or in new geographies,.
Thank you.
Very good.
This concludes our call for today.
Thank you very much for joining us, and we apologize for the disruption.
We apologize for those we didn't get to in the queue, and we are available in Investor Relations to take your calls for the rest of the day.
Thank you, and have a good day.
