Josh Shanker: And then just bringing up full circle and thanks for all the questions, what does this mean for the long-term trend in the float in the company? Will it be stable for a while because you’re paying out claims because you’re seeing more business and therefore, the float doesn’t grow like it once did, if you were just holding everything and keeping all of your lines?
Peter Vogt: That is true when you think of just the reinsurance business, but overall, our cash flow continues to be nicely positive because overall, we’re growing the business on a net written basis in total, Josh.
Operator: The next question comes from Elyse Greenspan with Wells Fargo. Please go ahead.
Elyse Greenspan: My first question, I was hoping you could provide more details on like the repositioning and nonrenewals within your North America primary casualty portfolio. I know that was mentioned in the trained press, but it was also confirmed by the company. And does that — I think you addressed your reserves somewhat in the prepared remarks, but does that article also mentioned also alluded to perhaps if you’re non-renewing and repositioning that book that you might choose to do another deeper dive into some of those reserves?
Vince Tizzio: I’m not certain what article you’re referring to, but I can speak to what we’re doing at AXIS in our primary casualty business and liability classes very specifically. So first, as I noted already, as part of our reserve strengthening action, we examined liability classes we identified a number of underperforming segments within our primary casualty business. We undertook a communication strategy with our wholesale business partners, indicating what our appetite and expectation would be around rate as well as our go-forward appetite. This business is being diversified in terms of class. It is continuing, that will obviously provide in the near term, an impact to our top line production in that unit in the first quarter.
As an example, primary casualty was down some 26-odd percent from the prior year. This is all part of the reshaping that’s been expressly communicated to our business partners. In respect to the reserve review, we feel very confident, as both Pete and myself expressed in our opening remarks about our reserve position. We have no concern whatever that’s resulting from the first quarter. We’re pleased with both the progression of our primary team advancing our new underwriting strategy. We’re pleased with the courtesy of our communication strategy with our wholesale business partners. And so it will take time, but we have a number of other revenue sources to offset that growth.
Elyse Greenspan: And then my second question, if we kind of normalize for the bridge losses, right, which went through the current accident year, I think my question is on the loss ratio with the current accident year loss ratios in both insurance and reinsurance. Are those good modeling points for the rest of the year?
Peter Vogt: So Elyse, this is Pete. I’ll take that question. I think one, we don’t give guidance, but what I would say is we expect the portfolio for the remainder of the year to be a lot like the portfolio we just had in the first quarter.
Elyse Greenspan: And then from a top line growth perspective, within insurance kind of got back to the double-digit growth in the quarter. Does that feel like — I know there’s pushes and pulls to different business lines, but do you feel like you’ll see kind of double-digit top line premium growth over the balance of the year?
Vince Tizzio: We don’t provide guidance, but I think the guidepost I’d leave you with, and we’ve communicated in the past, is a range, right? We see a range in our insurance business somewhere between 7 and 12-odd percent of growth over the balance of 2024. We have a number of new initiatives to source produce new revenue streams we’re fairly bullish in our existing premium adequate lines, which is our entire insurance portfolio at the aggregate level, but we’re going to cycle manage, Elyse. And so we’re not giving guidance, but we have an expectation of continuing to grow our insurance business. And we have a great leadership team and a number of new teammates to help support that ambition.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Vince Tizzio for any closing remarks.
Vince Tizzio: Thank you again for joining us today. I’ll express again my appreciation to the AXIS team for producing an excellent first quarter. We believe that the strong premium growth, new business generation that we’re producing are signs of what is more to come. We’re very pleased with the first quarter. I want to thank all of you for taking time to join us today and we look forward to having the opportunity to speak with you in more detail at our Investor Day on May 30. Thank you very much.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
