1. Copyright ALEA Can our industry make money?

2. Copyright ALEA Yes! How else can you explain $250,000,000,000 in capital?

3. Copyright ALEA The real question:

4. Copyright ALEA How can you make more?

5. Copyright ALEA We have fallen in love with: - Top line growth - LOBs/Markets - Agents/Brokers/Clients - Our Expense Ratio

6. Copyright ALEA

7. We pay too much attention to: Share price Rating agencies We need to make our own decisions, but triangulate

8. Copyright ALEA Four (not so) simple steps: Turn company inside out Communication Price every deal!!! Technology

9. Copyright ALEA Expense Focus: - What are your core processes? - What can be outsourced? - How big can my expense ratio get?

10. Copyright ALEA A Note on Ownership Private Public New models?

11. Copyright ALEA Conclusions: Can’t be everything to everyone Don’t be afraid to be the first to get small There are no crystal balls, only ounces of prevention

12. Copyright ALEA $$$$$$$$$$$