Thank you very much for your questions.
I'd like to give you a little bit of background on the origins of our company. We started in 1995, but the private sector has been a player in the mortgage insurance market since the early 1960s. Four companies got into the competition, which included CMHC at the time, and they all consolidated by the end of the 1960s, early 1970s, into one company called the Mortgage Insurance Company of Canada. As a result of the competition that had gone on and the volatile real estate cycles, the marketplace was not large enough to support more than the two companies.
In the early 1990s, the Mortgage Insurance Company of Canada exited the marketplace and left CMHC as the monopoly player. So when GE Genworth, now Genworth, came into the marketplace, it was because the government wanted to have more competition.