I mean, Corebridge has done a terrific job of setting itself up as a public company and they’re ready for deconsolidation in terms of their operations, but we want to make certain that we are very thoughtful in the current environment. And again, we’ll use those proceeds to continue to accelerate what we’ve outlined on the capital management. I would expect as we do a secondary, and we get on future calls, we’ll update and refresh some of the capital structure and also our guidance to see if we need to revise it. But I think that’s probably all I can give you at this point.
Alex Scott: Yeah. That’s helpful. Thank you for that. Second question I had is on the, I guess, the operating company level on the RemainCo general insurance side of things. Where do you see those metrics over time? I mean one of the things that I’ve looked at is just decomposing the ROE and the underwriting leverage itself seems lowered AIG, which made all the sense in the world as you guys had more volatility. But as you sort of expressed in your opening comments and as you guys have sort of proven out, the volatility is significantly reduced. So where can that go to over time? What are the right metrics for us to look at? Is it RBC Premium to Surplus? Any help on thinking through how much more business you could write on the equity you have?
Peter Zaffino: Yeah. Well, we could write significantly more business based on the capital we have in the subsidiaries today. We have a lot of moving pieces. I mean, certainly, selling Validus Re gives us a lot more flexibility in terms of how we position the portfolio for next year. And so I’ll give you a couple of examples of that is that we underwrite property business where we pick up CAT across the world, whether it’s Japan, our international business through Lexington, through Talbot, through our retail in North America. But we always have to be very cautious in terms of the overall volatility in terms of how are correlated with Validus Re, including our reinsurance purchasing, where we had certain retentions that might be lower than what our risk tolerance would assume within North America and international.
We bought ILWs that benefited the group. And so like as we think about how we reposition the portfolio, I believe we have a significant amount of aggregate. We have a significant amount of capital. We have businesses that are positioned to propel growth and want to focus on that. Now maybe the first part of your question is what type of leverage or how can you improve it. We recognize we have an expense issue. I mean, when we look at the overall combination of our corporate expenses plus the expenses that sit in the business, yes, there’s a little bit of a mix issue that when you look at some of the personal insurance, which are great businesses and international may have a little bit more acquisition and GOE. But by and large, we need to get expenses out and that’s the focus.
That will be the leverage in terms of contributing to ROE and also getting a future state business that is leaner and does not have duplication across the world. I mean so that’s the work we’ve been doing this year. We will be positioned pre-deconsolidation to start implementing that operating model. But I think the leverage is we have enough capital to grow and we’ll continue to grow the top line, where we like the risk-adjusted returns, less volatility because we don’t have a reinsurance business anymore, so we can do things a little bit differently on the primary side. And we know we have expenses that need to get out and we’re going to get them out, and that’s going to drive us north of the 10% ROC.
