Quarterly, page-6

Typically when an underwriting agency changes security (in this case ENA moved from Swiss Re to AXA) there is a lot of administration (to say the least - 'overwhelming' would be a better word).

So whilst we saw ~20% improvement on last year for this 4C, in fact the next quarter should be even stronger as there will be a back-log of business to process.

Excellent stuff, all coming together!