In Europe, our TPA book of business is largely weighted towards travel entertainment, which has seen a disproportionate decline in profitability as a result of the delayed COVID recovery during the second half of 2021.

Mar 15, 2022 / President / receipt, needs a key / Joseph Blanco, President | earnings call 2022-03-15 | transcript ce0c737a-49a3-44b7-a89d-8f45e331b93b | chars 12708-12926 | segment 12

As we shared with you, the majority of our businesses outside the U.S. are skewed towards travel and entertainment.

Aug 4, 2021 / President / receipt, needs a key / Joseph Blanco, President | earnings call 2021-08-04 | transcript f1faeb79-2184-4456-bb5e-593df6c94af7 | chars 9509-9624 | segment 9