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Without it, none of us has much else to worry about. Profit is the be all and end all. We have three ultimate strategic objectives: profit, growth and people. These tools allows us to align ourselves around our jobs, take in the feedback that we get about changing circumstances around us and position our business plan properly to achieve ongoing success. I believe that the one constant in business is change, and the only way that you can position yourself to continually adapt to change is to have a clear sense of purpose, a clear set of operating principles, a clear mission and vision and a succinct and widely shared set of corporate values that allow you to shut out all of the noise and allow your team to stay focused on the business at hand.

We fundamentally believe this is the key point of differentiation for our organization. Frivolous lawsuits can drive up the cost of insurance considerably, either through the escalation of an insurance company's defense costs or through the payment of illegitimate losses, losses without any apparent merit that are, for one reason or another, determined to be payable; A company's culture, and its ability to align and collaborate around a widely shared vision, is central to its ultimate success. And then, finally, I think another entity that complicates our business is the plaintiffs bar. The confusion that can result from their ratings, which may or may not reflect the ultimate financial stability of a company in all circumstances, is another complicating factor. Their objectives are centered on protecting policyholders in the event of an absolute loss. Rating agencies are another complicating factor in the insurance business. We really understand the mission, who are positioned properly and are playing to their strengths, who have a clear sense of what it is we need them to do, who get clear feedback about the job they're doing and who have the tools they need to get the job done. If we get profit wrong, then growth can be a dangerous thing. If we get profit right, then growth is a good thing. Today's state regulation does tend to complicate such matters.

Licensing laws requiring that producers are properly trained and licensed to represent insurance transactions to policyholders could, conceivably, be effectively managed at the federal level. Regulating these factors on a federal level is, I think, difficult at best. Some states are coastal and are, therefore, more vulnerable to hurricanes and other unique occurrences; other states are flood or tornado prone; others have depressed economies. In the property/casualty insurance business, every state is unique in terms of its risk characteristics.