Robert Cox: Got it. Thanks. And maybe just lastly could you quantify the annual growth bonus in National Programs and maybe specifically to programs, where you see contingents going in 2023?
Andy Watts: So, I think — I think, Rob there’s two pieces inside there. So, one of the things we talked about on the growth bonus that was about $7 million, and as of right now, we don’t see that recurring into 2023. And again that is inside of the organic calculation, not in contingent commissions. And then, we didn’t give guidance on contingents by the individual segments. My comment was just overall for the company that at least as of right now we see relatively flat in 2023, but again all depends upon loss experienced during the year and overall growth and profitability.
Robert Cox: Thank you.
Operator: Thank you. One moment for our next question. Our next question comes from Weston Bloomer with UBS. Your line is now open.
Weston Bloomer: Thanks for taking my questions. First, one is just a follow-up on the employee benefits comment. Can you just remind us of the seasonality of that business? And do you expect there to be any material headwinds in the first quarter as well?
Andy Watts: Hi, good morning, Weston. Yes. The EB business does have some seasonality to it, and it’s generally a little bit — if you look across the quarters first, normally it’s a little bit more weighted to Q1 and that’s just because of the way in which revenue is recognized in that business. And then you normally see it, the fourth quarter is normally one of the lower that your kind of just naturally how that business participates. From at least the — some of the headwinds and what we’ve talked about in the fourth quarter, some of those may carry over into Q1, but don’t see any issues on a full-year basis similar to our comments about how we thought about the business for 2022.
Weston Bloomer: Got it. Thank you. And then kind of a similar type of question within professional lines. I know you highlighted the slowdown in D&O pricing. Is there any seasonality or how should we think about the impact of lower rates in that business both in retail and then in wholesale?
Powell Brown: So, the way I would just look at it is if you think about an environment which has had rate pressure up for the last several years, and in some cases dramatically more in the public markets, they’re coming down substantially because it’s a very competitive environment and one might speculate, Weston, that people that are reducing their catastrophic property exposure would want to write business elsewhere and where might they do it and they might say in casualty or professional lines. So, I think it’s important to think of that as a headwind, slight, but a headwind on that segment of our businesses, because I think it will be down. And in some instances down a good bit.
Weston Bloomer: Great. Thank you. And then last one, just on the margin I know you highlighted no material headwinds or tailwinds, and maybe you don’t gain too granular here, but it is the March ’22 M&A that came in at a higher overall margin. Is that business still running higher overall relative to kind of the core Brown & Brown?
Powell Brown: When you say the March, do you mean —
Weston Bloomer: Yes. The margin guidance that you gave —
Powell Brown: For the three — combined. Yes. All the businesses are performing in line with our expectations. We talked a little bit about some of the seasonality during the earnings call last quarter, but no, they’re all kind of right in line with what we expected.
Weston Bloomer: Great. Thanks for taking my questions.
Powell Brown: Thank you.
Operator: Thank you. One moment for our next question. And our next question comes from Elyse Greenspan with Wells Fargo. Your line is now open.
Elyse Greenspan: Hi, thanks. Good morning. My first question, on the contingent commissions, Andy, I know you guys had those lender-placed contingents that you didn’t — you weren’t sure that they would recur next year. Does that assume that they come back or what are you assuming for the lender-placed program?
Andy Watts: So, one of the items that we saw in the third — during the fourth quarter, is we did recognize about $3 million or $4 million that we had anticipated we would not recognize in the fourth quarter. If you remember back to the call, we said we had backed out to the third quarter call. We had backed up $15 million year-to-date and said, we probably would — therefore, not record in the fourth quarter. Development was not at the extent that we anticipated at that stage, which is that positive. And so we recognize those three to four, and then as we look to 2023, we would anticipate earnings some in ’23, not back to kind of normal levels because there is some still carry-over in the calculation. But we’ve taken that into consideration when we have given guidance at a total level for the company, substantially flat.
Elyse Greenspan: Okay. And then the interest income, right? I know in the past you guys had said maybe fiduciary income wouldn’t be that big, but it sounds like you’re seeing a little bit of a pickup there. Right? You guys said $14 million to $17 million, wouldn’t that be accretive to your margins in ’23?
Andy Watts: Yes. If you look at it by itself that would be a true statement it would be accretive to margins.
