Yaron Kinar: Okay. And then my second question, I think you mentioned that you are in the market to repurchase shares here. Can you help us think about the prioritization here of capital towards buybacks, dividends, or, as opposed to organic growth, when it seems like the market dynamic or market environments, so pretty positive for growth? Why not lean as much as you can into those organic growth opportunities and maybe set aside buybacks for the time being?
Pete Vogt: Thanks for the question, Yaron. What I’d say first and foremost is we feel we’re in a very strong capital position. So being in that strong capital position, we equally really believe we want to grow our business. And first in, first priority of capital is to continue to grow into these attractive markets where we see them, but we also equally believe that right now our shares are, I’ll call it at a value price. And with $100 million authorization we’re out buying some shares back because we think that they are attractively priced for us. Overall, we’re doing both. And I do think that as we look to 2024, we’ll continue to grow in insurance and we have enough capital to do so.
Vince Tizzio: And, Yaron, this has been, we’ve point to the specific areas of investment, that give us confidence in our continued growth within our core business of insurance. And I’ve equally recognized where we’re trading in the valuation attached to our organization and the belief we have and further developing value creation. And we think it’s a good time to do it.
Operator: The next question comes from Brian Meredith with UBS.
Brian Meredith: Yes, thanks. A couple of [inaudible] for you. First. I’m just curious, do you expect it the reserve charge you took in some of the higher picks that you’re talking about on liability in recent years to have an impact on your ceded reinsurance program in 2024? Could we potentially see acquisition cost ratio actually increasing again, in ‘24?
Vince Tizzio: Brian, this is Vince. Over the recent years, the portfolio has been materially reshaped. And so as we go to market in the current period, while we will be prepared for modest changes in our secured reinsurance, we don’t expect at this point for it to be material. And just to give you more color and confidence, again, the rate posture since 2019, in our liability classes has been well over 50 odd percent, the portfolio and its composition of limits, class, retention, has been materially as well change. And I think the recent results in the accident year point to that confidence.
Brian Meredith: Got it, it’s helpful. And then I guess my second question, Pete, I think you mentioned that you expect, I guess, total GOE to be down in ‘24 versus ‘23. I just want to clarify that. And also on that topic, I noticed corporate overhead was down pretty meaningfully year-over-year. And I know there were some unusual items in the fourth quarter of 2022. But it just wondering if that’s a good run rate or a little bit low.
Pete Vogt: Yes, I would say, Brian, that you hit the nail on the head there. There were some unusual items in the fourth quarter 2022. When we look at where we are on our corporate, I’d say the fourth quarter, a decent run rate. And I do think as we look forward to 2024, with the actions we’ve been taking, while this year we ended up with a G&A ratio overall for the group for the full year of about mid-13s, I would expect it to go into the 12s as we get through 2024.
Brian Meredith: Right. And then just one last one, I think you mentioned some timing stuff in the reinsurance business that hurt premium. Anyway, you can kind of quantify what happened?
Vince Tizzio: It was two component parts, there were adjustments. And there were renewals that had moved out of the quarter. In combination, I think adjustments were about a difference of $39 odd million dollars in the quarter as compared to negative $9 million in the fourth quarter of ‘23 was also a couple of transactions, one in motor and one in credit, that renewed in a different time period. And that in consequence is the shortfall. Having said that we grew new business, though it’s a very small degree of what comes to market in the fourth quarter. But I think about $7 odd million dollars in the quarter.
Pete Vogt: Yes, I think as I look at it, Brian, if I adjust for the premium adjustments where we had a lot last year and the timing, and I pulled those out, the two of them add up to actually over $80 million. The rest of the book on an accord a normalized basis grew at just over 5%.
Operator: The next question comes from Elyse Greenspan with Wells Fargo Securities.
Elyse Greenspan: Hi, thanks. My first question is on the buyback. So I think you guys have $100 million authorization out there. And I know you said you’ve just started repurchasing your stock. So is the $100 million, like what you would expect to buy back this year? Or is it that you’re just going to kind of judge new business opportunities and things like that. And then we’ll see where the capital return shakes out.
Pete Vogt: So, Elyse, this is Pete, I’ll take that. Yes, our number one priority for capital is profitable growth. And we do see real good market opportunities there. Right now we have the $100 million authorization from the board. We’ll use that opportunistically as I said in the past based upon where we see market opportunities.
