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La Puma

07/09/16 8:40 AM

#197413 RE: Art Vandeley #197410

Flexibility.

1 or more RS events is meaningless in terms of impact, as all RS events must aggregate to the ratio range in the filing.

I assume you know what aggregate means, Doc. For the others that don't if means the "combined" ratio.

Ex: if they do a 1:5, they can do no more than a 1:4 on another.

(1:5 * 1:4 = 1:20) 1:20 is max. allowed.

Puma