Francois Morin: Well, it’s a great question, which is becoming harder and harder to answer, because in the early days, no question that we had adjusted our — because so many loan, the delinquencies that were in our inventory were in forbearance and trying to make the distinction between kind of forbearance and non-forbearance delinquencies and how much of that worth was — a new concept or new kind of reality we were basing. Over time, I mean it’s been three years now. I think the reality is like the inventory is somewhat kind of commingled. So we don’t really think of loans and forbearance kind of that differently than we look at the other loans, even though we know there’s still a few of them in the inventory. So I mean long story to say that it’s not something we tend to quantify directly every quarter anymore, but we still perceive that there’s a bit of risk with COVID related reserves, and that’s why we’ve been holding on to the reserves up to the point where we think we just don’t need them.
And right now, this quarter was an example where I think the data kind of suggested that we were — it is the right time to really that there are no other reserves that were set up in those years.
Marc Grandisson: And Meyer, quickly, I think what Francois is saying is true for all lines of business and historically, while we’ll try to take a prudent stance on reserve to ensure we have enough and will let data speak for itself. And this one is very unusual, Meyer, right, the dynamic something unlike anything else. It’s when we have another one, we’ll have a better playbook to use, but we just didn’t know. And we still don’t know, it’s still not over are forbearance. So it’s still coming back in the — it’s not totally gone yet. So that’s what leads us to be that much more. From the outside it looks like we’re conservative, but we think we’re being prudent and the data speak for itself. And mostly, if it happens that we don’t need it then we’ll adjust it based on the data we see.
Operator: We have a follow-up question from the line of Tracy Benguigui with Barclays.
Tracy Benguigui: I’m wondering what your outlook is on professional lines within your insurance segment? And particularly, what stage you would classify that business in when you went through your stages?
Marc Grandisson: Tracy, would you — do you include D&O there, or you just wanted the ex-D&O, which lines specifically — professional lines is a really broad market
Tracy Benguigui: So my focus is more on D&O.
Marc Grandisson: D&O, okay. So D&O, we expect similar trends that we saw in the last fourth quarter, it may change a little bit as a result of the overall thing that’s happening in the marketplace. But the trend in the large commercial, for instance, have been neutral to negative, actually, for the last three, four years. So I would say that even though we may hear — you hear, I know rate decreases on our D&O for large commercial, there’s rationality behind it. So we expect rationality specific to this. It’s not — there’s a lot of data that points to — that validates what kind of price points we’re seeing on the D&O side. On the smaller D&O side, which we do a fair amount of — to remind you, we do fair amount of D&O. We still see a very, very stable, very good marketplace.
