Vlad Barbalat

Product breadth, future risks that currently may not be visible to you, but are going to evolve, we can be your partner in solving those. And risks that you can underwrite that maybe others couldn't because of the nature of the balance sheet.

We are incredibly diversified in our insurance businesses. You're spot on in the way you've just described what Ajit said, but we think about the similarity between not all our insurance lines, but particularly those more esoteric ones are really in the commercial and specialty space as very similar in spirit to the practice of what investing is, which you're deploying capital into uncertainty to achieve a return.

we are going to be there through thick and thin when inevitably trouble strikes. The other component I mentioned that our insurance businesses are incredibly diverse.

If you think about our mix, we have risks that can come back from 20, 30 years ago and be very fat tail. It is really, really important to differentiate the balance sheet that a company like Progressive needs versus a company like Liberty Mutual. Our tails are fatter. Our balance sheet requirements are very different.

We've made the choice that we want to be an exceptional operator and that includes exceptional underwriting results and exceptional investment organization.

I would actually reverse that. I think as a public insurer, you're not likely to be able to pursue what we're doing.