Every insurance asset management outsourcing involves an IMA an Investment Management Agreement, or it's supposed to. I've been in this business a long time and I've never spent more than a second thinking about that document. But I had a recent conversation with our guest who told me there's quite a bit of interesting things that happen in an IMA. And so I said, "Man, that would be a great podcast. How about coming on?" So I'm very happy to welcome our guest Ed Toy, senior manager, investment specialist at Risk and Regulatory Consulting.