Ann: Morgan Stanley Conference Investor Presentation-CVO.AX, page-19

Saw these, now oldish, comments on FNarena regarding UBS's view on the underwriting news:

The company has signed a deal with Great Lakes which will run to September 30 2017 and with the option of terminating the deal on reaching an agreement with new underwriting partners.
The new deal will reduce volatility in the underwriting premium, UBS observes, but Cover-More will now share in both the upside and downside of claims cost experience, compared with the prior arrangement where Great Lakes took the downside risk.
A relationship with a new underwriting partner is expected to commence no later than January 1, 2017. The broker believes the market will remain cautious until the new underwriting details are signed off.