The decrease in operational expenses is related to reduced travel and entertainment expenses in the first quarter of 2021 due to the COVID-19 pandemic.

Apr 29, 2021 / receipt, needs a key / Bob, CFO | earnings call 2021-04-29 | transcript 2a19403c-212f-41d2-b6af-b424fed9aad1 | chars 22312-22463 | segment 22

And the operational expense ratio also declined by one percent point due to the reduction in office travel expense related to COVID-19 restrictions.

Oct 28, 2020 / receipt, needs a key / Bob, CFO | earnings call 2020-10-28 | transcript 0d3bb574-4934-4149-9ef2-d74478ef09bd | chars 18925-19073 | segment 19

Additionally, operating expenses were down two percentage points, partially driven by about $5 million in savings from reduced travel, marketing, and office operational expenses related to COVID-19.

Jul 29, 2020 / receipt, needs a key / Bob, CFO | earnings call 2020-07-29 | transcript 1adf79d0-9372-43e4-b9f2-d87b1af2f144 | chars 16142-16340 | segment 16

I talked about that in the prepared comments, about $5 million. And that's from lower travel. Lower travel mostly covered that. There was some marketing and reduced office expenses. We kind of expect that to hold through this quarter here. We don't expect much to open up.

Jul 29, 2020 / receipt, needs a key / Bob, other | earnings call 2020-07-29 | transcript 1adf79d0-9372-43e4-b9f2-d87b1af2f144 | chars 40347-40619 | segment 42

Until the markets open up for business travel, that probably will stay down slightly.

Jul 29, 2020 / receipt, needs a key / Bob, other | earnings call 2020-07-29 | transcript 1adf79d0-9372-43e4-b9f2-d87b1af2f144 | chars 40763-40848 | segment 42

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company_statement / Sep 16, 2026 / receipt

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company_statement / Sep 15, 2026 / receipt

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company_statement / Sep 15, 2026 / receipt

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company_statement / Sep 15, 2026 / receipt

AVP, Global Mobility Tax & Compliance Manager | {"ats": "workday", "city": null, "state": null, "job_id": "/job/New-York/AVP--Global-Mobility-Tax---Compliance-Manager_JR3590", "remote": false, "catego

company_statement / Sep 11, 2026 / receipt

AI Platform Engineer

company_statement / Sep 2, 2026 / receipt

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company_statement / Sep 2, 2026 / receipt

Senior Accountant - Investments | {"ats": "workday", "city": null, "state": null, "job_id": "/job/Bermuda/Senior-Accountant---Investments_JR3575", "remote": false, "category": "other", "function": "fi

company_statement / Aug 31, 2026 / receipt

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company_statement / Aug 18, 2026 / receipt

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company_statement / Aug 18, 2026 / receipt

AVP, Compliance Manager | {"ats": "workday", "city": null, "state": null, "job_id": "/job/New-York/AVP---Compliance-Manager_JR3570-1", "remote": false, "category": "other", "function": "legal", "loca

company_statement / Aug 17, 2026 / receipt

Portfolio Administrator | {"ats": "workday", "city": null, "state": null, "job_id": "/job/New-York/Portfolio-Administrator_JR3569-1", "remote": false, "category": "other", "function": "other", "locati

company_statement / Aug 17, 2026 / receipt