Earlier this quarter, we posted thoughts about the impact of weather volatility on property insurance, a secular and important theme we remain deeply interested in at Equal. Broadly, 2023 was a challenging year for property insurers managing exposures to natural catastrophe risks. In some ways, it was a perfect storm (both literally and figuratively) for carriers: a record spike in secondary peril activity occurred alongside historically low supply (and skyrocketing rates) of reinsurance and significant inflation.