Steve Spray: Yeah. Mike, Steve Spray. Great question. I really do think the driver is the elevated inflation effects that we’re seeing. We look at — as I’ve commented on the past, we look at every single large loss and just see if we can see any trends whatsoever, it still seems to be rather random in that umbrella excess line. Like we said last quarter, though, all hands on deck. The entire book needs rate. We are getting rate into the book to cover that inflation. But we underwrite every single risk on its own merits. And the vast, vast majority of the umbrella or excess policies we write. As a company, we write the underlying too. So we know the risk. We underwrite each risk, like I said, on its own merits, and we are looking at each risk, the pricing, the terms, conditions.
We look at specific venues, specific fleets. So to determine how much capacity we want to put out there. So it’s a — and again, it’s a risk by risk scenario that we do, but it needs — the book needs of rate.
Mike Zaremski: Okay. And maybe lastly on growth and maybe sticking with commercial lines, thinking about the growth outlook you laid out in the prepared remarks. Is there anything incremental that’s coming from any initiatives that you would want to call out? I believe there’s a — about a small commercial BOP initiative or I’m sure there’s other initiatives too or is it really just mostly pushing exposure adjustments and maybe some pricing power through ’23?
Steve Spray: I think it’s — again, Steve here, Mike. I think it’s all of the above. I think it’s exposure. I think it is rate. Steve alluded to, our retentions remain strong. You talked about our small business platform we call synergy that rollout is going extremely well. That’s feedback from our agents, still pretty early in the game, but the rollout is going rapidly. We couldn’t be happier with that. So we see a lot of good prospects there. Our E&S company continues to produce outstanding profitable results and strong growth. Personal lines, you see the growth there has been very, very strong as well, both on the high net worth and middle market. And I think we’re confident and feel good that we’re in a good position in personal lines and that we’re a strong player, both middle market and now high net worth. High net worth is about 51% of our total premium. So the growth trajectory there has been extraordinary too.
Mike Zaremski: Okay. Exciting things. Thank you for the answers.
Steve Spray: Thanks, Mike.
Operator: And our next question will come from Mark Dwelle with RBC. Please go ahead.
Mark Dwelle: Yeah. Good morning. A couple of questions. First, this is just kind of a numbers question. The level of dividend income within total investment income was up a little bit in the quarter and also for the full year. Is there anything in particular that is driving that other than — I mean, I don’t think average corporate rate dividend increases have been as high as 12%, but maybe they are.
Steve Soloria: Mark, this is Steve Solaria. We did have a couple of unique factors over the course of the year. We did have two companies pay special dividends. LyondellBasell paid on early in the year, which was about $5 million. And then in December, CME usually pays a special dividend, but the dividend that they paid this year was well in excess of what we had expected. So those two special dividends really, really factored into the increase in dividend income year-over-year.
