Mr. Weale: To give you a little bit of background, IPC was set up in 1993 under the sponsorship of AIG in the aftermath of Hurricane Andrew. Hurricane Andrew at the time was the largest insurance loss in the history of the industry and, shortly thereafter, it created a large void in terms of the availability of property catastrophe reinsurance. So IPC was really set up to focus and specialize in that particular niche of the reinsurance business and, as I said, under the sponsorship of AIG. The company went public in 1996, although AIG has always held ' throughout the 10-year plus history of the company ' 24.3% of the company's stock. Throughout the 10 plus years that we've been in business, we've maintained that focus. Property catastrophe reinsurance remains at over 80% of our total business. We got A+ ratings from both A.M. Best and Standard & Poors back in 1996 and 1997, respectively, and have maintained those ratings ever since then with no downgrade or negative credit watch.
TWST: So the focus is still reinsurance.
Mr. Weale: Specifically property catastrophe reinsurance, so we are very
much a niche player.
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