Regarding the current market, it's no secret that we have had excess capacity for several years, which has prevented the market from reaching the level necessary to remain sustainable in the long term. This has led companies to withdraw from underwriting in this sector, while others struggle to remain profitable; however, significant capacity remains available. This situation is particularly evident in the airline segment, where the global nature of placements often makes it difficult to achieve the desired technical discipline. Adding recent events to this scenario highlights the need for an effective response to achieve sustainable premium levels for our industry. This year and especially in the last quarter, we are seeing upward movements, but I believe there is still a long way to go to reach a technically coherent premium. Inflation, the use of increasingly complex and expensive equipment, as well as the cost of claims in countries such as the USA, reinforce the need for premium raising.

Conversely, general aviation underwriting is more local and understanding how each market operates is essential. The same risk in different regions should be priced according to their specific circumstances. For us, it's crucial to offer personalised services and have in-depth knowledge of each country's particularities, as legislative differences and local practices significantly impact claims handling and the premium required for each risk. In our opinion, having local teams is a key factor in successful underwriting.