Mike Zaremski: Okay. And just when we think about kind of trajectory of potential improvement, should we be kind of just keeping in mind that there’s some element of multiyear policies or that are coming — that are within the portfolio or comps there kind of getting easier or maybe there’s less multiyear policies than there were in the past. Any nuances there we should be cognizant of? Thank you.
Steve Spray: Yeah, Mike, Steve Spray. And it kind of goes to your prior question, too, is those average for us, the as net rate change just doesn’t tell the full story and the underwriters working with our agents in segmenting the book, the tools that they have in front of them to really focus on getting rate and terms, conditions on those policies, but we feel we are probably least adequate. And then also focusing on retention of the business that’s so adequately priced. That’s where the rubber is really meeting the road, and that segmentation is really helping to drive those results.
Mike Zaremski: Got it. That’s helpful. Thank you.
Operator: And our next question will come from Meyer Shields with KBW. Please go ahead.
Meyer Shields: Thanks. I’m going to try Mark’s question from a slightly different perspective, if that’s okay. Historically, Cincinnati has been a very methodical company. And I’m wondering now that you’ve got reinsurance and Lloyd’s capabilities, is it reasonable to expect maybe faster reaction to take advantage of temporary opportunities like property cat seems to be this year?
Steve Johnston: Yes, Meyer. That is an excellent point. And I think in both areas, I think particularly in Cincinnati Re, as they have been looking at these policies, both quantitatively and qualitatively on a one-by-one basis and are in a position to react quickly to these types of opportunities, and that was part of the strategic decision at the beginning.
Steve Spray: Hey, Meyer. I might — this is Steve Spray, I might add, too, just because it’s a great question. I think it’s a great point. As our E&S company, CSU, founded and we started back in ’08, gives us that kind of flexibility for our agents as well. And I think we’ve learned a lot as that has continued to grow to the point now where we’re issuing homeowner business on an E&S basis and able to provide our agents and the policyholders they have that flexibility and capacity and solutions. And I think the same thing is going to happen for our agents as we go forward and give them — what I’ll call or I think we would call just that much more effective access to Lloyd’s. So everything we develop as a company is focused on that agency strategy. And so bringing the agents more flexibility, more capabilities is certainly in the plans today and moving forward.
Meyer Shields: Okay. Perfect. That’s very helpful. Related question with regard to the agencies. One of the theories that’s been banding around is that a lot of, let’s say, regional or mutual companies don’t necessarily have the capital seeing the property-related volatility that the reinsurance market is kind of forcing back to the primary carriers. And I was wondering, based on your conversations with agents, is that like a phenomenon that they’re seeing? And is that underlie some of the growth expectations for ’23?
