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sam kidston from cambridge massachusetts id like you to ask to discuss the similarities and differences between what you do in your reinsurance operations and what gen re did in its securities division as it would seem that reinsurance is often a form of weather derivative i would also like to to ask you why you are so comfortable writing what appears to be one type of derivative and so uncomfortable writing another thank you yeah the derivative contracts that generate wrote in january securities i would say war very little more very little relation to the insurance business as we see it i mean we we are ensuring against events that people either cant or arent willing to take on the risks themselves uh in the derivatives business a lot of that was uh speculative activity of one short or another the more complex the arrangements were the easier it was to claim that large profits were being made when maybe large losses really awaited you over time they were they were created transacti