But the international book is a is a franchise that you could not duplicate in generations. It’s performed better than the US It’s actually larger than the US book. It actually represents 60% of our total volume in the world. It has more geographic spread, particularly in Europe and Asia Pac. And it actually cases more private company business, SME business, and middle market cyber business than you might think in North America. And other than some of the London subscription pricing pressure there has been de minimis. And in fact, our rates are holding up better than 2023. So I always feel like when I got here, I didn’t understand the impact in the power, but the AIG global franchise is an incredible asset and it also is one that we have coordinated better to make sure that any sort of U.S. exposures are controlled collectively by both of us.
So in some special asset, it’s been built over two generations. We like what it is. We like the portfolio today, and it’s — there’s been five years of work to frame this book to where we all trust it and we trust the recent years for their performance. Kicking back to you, Peter. I know I went long.
Peter Zaffino: Thank you, David. Very thorough. Appreciate it.
Gary Ransom: That’s the very thorough answer. I’m good. I’m good with that. Thank you.
Peter Zaffino: Thanks. Next question please.
Operator: Thank you. Our next question comes from Alex Scott with Goldman Sachs. Your line is open.
Alex Scott: Hi, good morning. First one I had for you is on capital management related to Corebridge separation. I appreciate there’s volume constraints and it’s good to have some guidance around how much capacity you can do in terms of buybacks a quarter. I didn’t want to probe a bit on to what degree, if at all, that considers kind of Corebridge and sort of further special dividends coming out of Corebridge and so forth. I mean, I think the math would tell us that you could potentially do more than $1.5 billion a quarter, particularly for next year over 4 quarters. And I’m just a little sensitive to it because it affects sort of accretion dilution and just the lag and what to expect. So I want to make sure we have appropriate expectations around the timing of that share count reduction and so forth. Any help, appreciate it.
Peter Zaffino: Yeah. Thanks very much for the question. We tried to provide between Sabra’s script and my prepared remarks, a lot of detail on capital management and also the additional liquidity where we’re going to have from the special dividend from the Validus Re disposition and overall, how we intend to use those proceeds. And it remains the same as — we want to make sure that we provide ample capital in our subsidiaries to continue to drive growth. We still think there’s great opportunities for us in the businesses that we’re in to drive top line growth and continue to drive profit growth and more margin and that is our primary focus. We’ve also given guidance in terms of the share count and clearly, with the $7.5 billion of share authorization.
And now with the liquidity that we’ve outlined, we have a path towards that lower end of the $600 million. And so when we think about the next several quarters, certainly, that’s going to be the priority. Sabra and I alluded to the fact that we still want to clean up a little bit of debt and make sure that we’re at the lower end of the ratios, but also reflecting that buying back shares is going to have an impact on your leverage and making certain that we are being thoughtful, prudent in getting ahead of that. In terms of the core bridge sell-down, I mean, we’ve been very methodical, Certainly, we would like to do something in the fourth quarter. We continue to look at all the different alternatives in terms of size and how we can do it. And it will be a priority for us to focus on when we conclude this call and start to focus into next week.
