Thank you for the question.
I would say this. The obvious first catalyst was the point you made around the sudden pullback in what was available from CMHC.
We have had a very long run in the industry in Canada. We've been around for more than 25 years and have very strong relationships with all our lenders and have always aspired to provide excellent customer service.
Once the major player at the time had withdrawn a significant portion of the mortgage insurance available to their borrowers, lenders naturally turned to the private sector to ask if we were going to follow suit or if we would continue to support the industry and borrowers. We naturally assumed that lenders needed the support and that consumers needed the support to have ongoing access to mortgages during the pandemic, and we chose to stay the course. As a result of that and our underlying strong service, it was a fairly quick market share accretion that followed and that took us up to be the number one mortgage insurer in Canada.