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There's been a dramatic increase in the dollar value of exposures that are concentrated within ten miles of the U.S. coastline. So the real key, if we're going to draw on the collective wisdom of the team, is making sure that we're holding on to the right people and giving them the right resources necessary to perpetuate and share their wisdom effectively throughout the organization. Succeeding at the 100-course level involves communication, alignment and collaboration around a relative few initiatives. Today, it is the dream of many Americans. Our overall turnover is in the single digits, but we actually encourage some of that turnover by telling people, "This may not be the job for you."

The ability to retain people, to have high associate retention rates, to have turnover rates that are low, allows us to build the collective wisdom within our team. If you read through the documentation that is the cornerstone of our organization, we talk about drawing on the collective wisdom of our team. And if you take that knowledge, and you add a little bit more learning to it, it becomes wisdom." Then, if you take that information, and you add a little bit more learning to it, it becomes knowledge. However, if you take that data, and you add a little bit of learning to it, it becomes information. Years ago, I heard and adopted the following adage, which I think best summarizes innovation in the insurance business: "If you have data and you do nothing with it, it remains data. In our scheme of things, innovation involves taking relatively moderate baby-steps to make our products more responsive to changing circumstances in the market. Back in the fifties, there just weren't that many luxury homes located along the coastline in the United States. Coastal development is another big change. So globalism is one key change.

More and more, we find ourselves investigating opportunities beyond our borders.

Even though our primary business is conducted within the United States, we do business with reinsurers located around the globe. No business can say that it is not global in nature anymore. Clearly, globalism is an enormous change in all our lives. I think all businesses, all industries, are changing constantly, and the key is to keep your business relatively simple in the face of all those changes. In our case, we're trying to hold on to that strong nucleus of people that allows us to develop the wisdom that causes us, hopefully, to repeat fewer of our mistakes. All organizations have finite resources, and they must allocate those resources in such a way as to actually accomplish a few good things. Too often, I see companies that commit the group of people making the same mistake. I think that's really central to innovation.