Michael Zaremski : That’s helpful. And maybe just lastly, on the broader competitive environment and also just being cognizant that AFG’s ROEs are at very high [absolute] levels and probably peer leading. But just — we’ve seen pricing power for certain insurers and some of the indices to the broader indices kind of accelerate a bit quarter-over-quarter, whereas I believe the total company’s — or AFG’s pricing has been a little bit more flattish despite some of the inflationary trends you’ve been educating us about. So is it — any — on the competitive environment, is it — are there — is it certain areas that are just still kind of maybe a bit hypercompetitive? Or maybe you’re just not looking to — you don’t need to take as much rate in certain areas like kind of where profitability is still excellent?
Carl Lindner : Yes. The only area that we see has gotten a lot more competitive is the whole public D&O arena. That’s where we see rates where there’s been a big change in rates, with rates going down 15% to 20%. I mean that said, on the rest of our D&O book or small accounts, the pricing has been pretty stable in that. In the past, I thought there was more competition on the higher excess liability layers. Through 6 months, that seems to have tightened up a little bit. We’re getting rate and one of the businesses is growing a little bit. So if anything, I think I’ve seen maybe a tightening in that area. So we like that.
Michael Zaremski : So would you — just as a last follow-up, would you say the industry is trying to push through the higher reinsurance costs to the insured ultimately? And is that taking place in as far as that kind of a muti-year process? Or maybe it just doesn’t need to happen because of higher interest rates?
Carl Lindner : Are you talking about the increase in the property reinsurance — catastrophe reinsurance?
Michael Zaremski : Yes.
Carl Lindner : Sure. No. I think definitely, when you look at overall industry pricing, particularly on large national account, property accounts and coastal exposed there’s large rate increases being taken and terms and conditions changes and business moving — more business moving into the E&S side. Our — we’re seeing opportunities on the property side also, but we have less of an appetite for coastal property and earthquake exposed property than our peers. So we’re just — we’re not making the same bets as what others are in the coastal areas and — or the highly exposed conductive areas in them.
Operator: [Operator Instructions] Our next question comes from Meyer Shields from Keefe, Bruyette, & Woods.
Meyer Shields: Two, I think, fairly quick questions. First, you mentioned some losses within Surety & Fidelity in the quarter, and I’m wondering whether you’re viewing that as sort of a trend in line with economic weakness or just these line’s inherent randomness?
Brian Hertzman: I don’t think we’re seeing it as a trend. It’s just sort of the nature of the business. There can be bumps in the claims from time to time.
Meyer Shields: Okay. Perfect. And then just for understanding, given your expertise in transportation, what would lead you to decide to nonrenew a block of premium rather than remediate it?
Carl Lindner : I think there are some programs and some things that you do that you just don’t think can be remediated with price and terms.
Operator: I’m not showing any further questions at this time. I’d like to now turn the conference back to Diane Weidner for closing remarks.
Diane Weidner : Thank you for joining us this morning. And of course, if there’s any follow-up items, feel free to reach out to the IR department. We hope you all have a great rest of your day.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
