Question-and-Answer Session
Operator
(Operator Instructions) Your first question is from Jim Bradshaw from [Bayers Capital Management].
Jim Bradshaw - Bayers Capital Management
I wondered if you could just speak briefly about when you miss out or lose out on a deal underwriting. What do you think the reasons are? Is it mostly pricing, or what other factors kind of seem to be involved?
David Einhorn
Jim, I would say pricing at this point in the cycle is generally the number one reason. But often before we get to that point, we will have worked long enough with the client to know whether they want to really be a partner with us over the long-term. So those deals that do leave us for pricing reasons we usually don't get to the point where we are actually quoting the deal.
Jim Bradshaw - Bayers Capital Management
Okay. I see. So when you say long-term you mean so in future renewals you feel pretty confident that that's the company would want to renew with your or?
David Einhorn
That's the intent. We put a lot of work into every renewal and we would like to think that our partners would be long-term partners with us.
Jim Bradshaw - Bayers Capital Management
And then for the renewals that you end up losing out on that not including the ones that are like the voluntary losses. Is that kind of a similar thing, you think it maybe pricing at that point?
David Einhorn
I think some of that is definitely pricing, absolutely.
Jim Bradshaw - Bayers Capital Management
Okay. I think most of my other questions were answered in your opening comments. I appreciate it.
Operator
(Operator Instructions) Your next question is from Dean Choksi from Lehman Brothers.
Dean Choksi - Lehman Brothers
Good morning gentlemen. Len, can you talk about areas of the market where you see opportunities for better economic returns and kind of where you are focusing your marketing efforts?
Len Goldberg
Yes. Sure. I think as we described on the call today, what we are looking for are rather than a particularly line of business, is we are looking for a couple of things. Number one, we are looking for market dislocations and they can come in all shapes and sizes. They are more difficult to find when there is access capital in the industry than when there is not enough capital in the industry, but they are still out there. But the other important thing about our model is we are looking for real long-term partners that will protect our downside in difficult markets and share our upside in good markets.
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