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I don't know the particulars of the deals, but historically they have
behaved more or less as an insurance industry investment bank.
They buy things with attractive prices, run them competently, and then
are happy to sell them if they get what they think is an attractive price.
It's this trading knack that historically gave them a better than usual book growth rate.
(the last year has been almost perfectly flat though).
It may be just a slightly higher rate of churn than usual, perhaps because
there is more variation in valuation opinions than usual?

Jim
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