I agree with you that there are going to be challenges in building these companies, but not all of existing players aren't as openly hostile as I think you expe

I agree with you that there are going to be challenges in building these companies, but not all of existing players aren't as openly hostile as I think you expect. I've spoken with a lot of P&C folks at different companies, and they know things will have to change, they're just trying to figure out how. Some of the more forward thinking companies are actively investing in new models and companies. I think that's going to accelerate. Even without that, over time, new models and companies will succeed. Some of these are going to look like stock insurance, some will look like Mutuals and reciprocals, and some will solve insurance like problems in new ways.