Eric Andersen: Yeah. I think there’s two components. And first, just to touch on the independent and connected piece, which is such a critical part of how both the NFP team and the Aon team have been approaching this. And the independent piece is really to respect and sort of celebrate the way NFP approaches its clients locally and how the team service those clients. So, really focusing in to make sure that those teams know exactly what they were doing before is what they’re going to continue to do. The connected part is really about two pieces. There’s an efficiency play with our ABS platform around tech and ops and areas where we can get some cost synergy. But, also, more importantly, I think it’s how we connect around product and capability.
How we can bring our thought leadership, how we can bring structured portfolio solutions and product capability and thought leadership and get it to those to those teams in a way that their clients can digest it. So, I think how we connect is really about content, and it’s a little bit about the cost synergies, but it’s really a revenue play for us as we look at the middle market. And I think on the growth number, there’s an organic play here that we’re talking a lot about. There’s also an inorganic play that, as Greg mentioned in his opening remarks, their M&A pipeline and the way they approach adding organizations to NFP is really one of the strengths of the firm and something we’re going to continue to work with.
Greg Case: And just to amplify one more piece, this is a tour de force revenue opportunity, right? That’s been the focus since the jump and that’s what we’ve seen for the last few months. And it’s both ways. Incredible capability. We hope to be able to bring with a producer who can sit across the table and do more on behalf of a client, which they just — they’re phenomenal at they love. But also on our side, we’re going to benefit tremendously too as they — in the ways they approach the market and how they can help Aon. It’s just a — we had high expectations going into the conversations, they’ve been exceeded over the last few months as we come together. So, while we’re not giving specific guidance on the growth number, this is tour de force growth and, man, do we see a great opportunity here to access this very, very substantial market where we’re underway, but do so in a way again, it’s not just bigger, but candidly better.
Rob Cox: Great. Appreciate the color. And then maybe as a follow-up, on transaction solutions, I think you guys have talked about doubling down on transaction solutions in the past. Could you talk about exactly what that means? And have you added talent there recently and expanded your practice, basically, anticipation of a rebound in M&A?
Eric Andersen: So, I would answer it in two ways. I think when we’ve talked about doubling down on it, the history of that product has historically been a PE-backed business. They were the original users of reps and warranties and tax insurance and things like that. Moving that over into the corporate space, where it’s corporate to corporate, has been an area that we’ve been investing and understanding among our client leaders as well as the subject matter experts that know that space. So, we’ve held the team. That was the goal, and I think that’s what we’ve been saying for the last two years and the slowdown, knowing that at some stage, the market will come back. And we wanted to make sure the industry-leading expertise stayed with Aon. And so, we continue to use them to reinforce the existing relationships that they have, while also building out a broader potential client set as M&A comes back.
Rob Cox: Thank you.
Operator: Thank you. Our final question comes from Meyer Shields with KBW. Please proceed with your question.
Meyer Shields: Great. Thanks. Good morning. And Christa, congratulations. One question on the first quarter margin. I guess if we take out fiduciary investment income in the savings, it doesn’t seem — and compare that to the same issue last year, it doesn’t seem like there’s been a lot of margin expansion despite the 5% organic growth. And I was hoping you could walk us through why that would be the case.
Christa Davies: Yeah. So, Meyer, the way we think about margins is total margins. I know you’re passing it into different components, and I understand the math. But we are — we think about gross margins, which are substantial, and then we reinvest to deliver net margin expansion each year, which we will deliver again in 2024. And that’s driven by organic revenue growth, portfolio mix shift, restructuring savings, which as you pointed, will drop to the bottom-line, and efficiencies from Aon Business Services. And so, we continue to invest in technology and Aon Business Services to drive future innovation and growth with clients.
Meyer Shields: Okay. No, that’s fair. Makes sense that gets modeled in. For reporting purposes, is NFP’s organic growth going to be included in the organic growth number that you report on a consolidated basis?
Christa Davies: Yes. It is. And so that’s why we’ve broken out in the numbers, Meyer. The revenue from NFP in that table, of 2023, by quarter, by solution line, so you can add it in. And so, the way you do that for revenue is you add two months of Q2 of NFP plus the three months of Aon as your starting point for 2023, and then you grow that. And you will see the NFP numbers come through on that M&A table in our organic table.
Meyer Shields: Okay. Perfect. Thanks so much.
Operator: Thank you. I would now like to turn the call back over to Greg Case for closing remarks.
Greg Case: I don’t have a lot, but I have one message I want to deliver on behalf of Eric and Christa and I. We just want to say, on this very historic day for NFP and for Aon, a huge heartfelt welcome to our 7,700 new colleagues. We’re just truly, truly excited to partner with you as we begin this journey together. So, we’re really looking forward to it, and welcome. Thanks everybody for joining and look forward to our next call. Take care.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
