Yes that is right @Goldbull22 I wonder then are they able to effectively remove the placement numbers and acquire that small 1% it would account for some vol increase but most would be from someplace else, perhaps a rerate as you suggest. Always possible NST are in the throws of a slam dunk, hope not, would rather this cook for a good while yet.
Cheers
Phil.
from bad to worse, page-48
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